Accounting Software Glossary |
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The accounting software glossary is a glossary of words and phrases related to accounting software and is provided entirely as-is and without warranty. Please feel free to make use of the definitions of accounting software terms contained herein, provided you quote your source or, if used online, provide a link back to the accounting software glossary. |
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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Definition of VAT |
VAT, short for "Value Added Tax" and also known as "Sales Tax" in the USA, is a consumption tax where taxes are added to a product at each that point in the manufacturing cycle where value is added. In the UK the standard rate for VAT stands at 17.5% which is charged to the end customer. A company makes deductions for VAT already paid on its inputs, before paying the VAT due usually on a quarterly basis. VAT functionality is standard within pretty much all accounting software, which provides standard forms to support the completion of VAT returns and calculation of payments due.
Other accounting software terms beginning with V |
| VAT |
| VAT, short for "Value Added Tax" and also known as... |