Quote:
Originally Posted by JSWolf
0% = nothing = no VAT
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Curiously "No VAT", "VAT Exempt" and "0% VAT" are not the same. Also it's not just an EU thing, or even just European. So VAT isn't going to vanish in the UK on the 31st December 2020, it's just the EU won't get a proportion. I'd not hold my breath for it being reduced either.
"No VAT", below a certain threshold of turnover and most private sales there is no VAT. Also certain kinds of organisations can't claim back VAT or charge VAT.
"0% VAT" means the rate is currently zero.
"VAT Exempt" means it's generally regarded as a kind of thing that should never have a tax.