UK Business Jargon - Letter V

Index : 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

VAT (Value Added Tax)

Tax applied to the majority of goods and services sold in the UK.

If your companies annual turnover exceeds £64,000 or you believe that your turnover in the next 30 days alone will exceed the registration threshold then you must register with HM Revenue & Customs for VAT. You can voluntarily register for VAT if you feel you pay a lot of VAT on purchases.

On international trade, VAT is payable on virtually all imports at the same rate of 17.5% as if the product or service had been supplied in the UK. Most exports are zero-rated for VAT.

Vendor

The person who is selling a property.

Venture Capital

A means of financing the start-up, development, expansion or purchase of a company. A venture capitalist receives an agreed proportion of the company in return for providing the requested funding.

Virus

A malicious computer program that can cause damage to computer systems, corrupt or destroy information stored on your computer. Loading software, opening attachments in unchecked emails and downloading programs or documents from websites are all routes to get a virus. We suggest you always use up-to-date anti-virus software to detect viruses protecting your computer from infection.

 

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