Zero Rated Goods

Taxable products with a rate of 0% VAT.

This means it is included within the VAT Returns but no VAT is chargeable.

Often used to reflect items of necessity.

Below are some common examples of zero rated goods.

• Food items
• Sanitary products
• Children clothing
• Animal feed
• Prescription & medical equipment
• Water and more.

Goods that are zero rated are likely less expensive to purchase.

Zero rated goods are different to goods that are exempt.

Getting it wrong can be a costly mistake.

If unsure of how to manage and file VAT Returns, reach out.

http://www.wallaceaccountancy.co.uk/contact