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Hey guys, please clarify one thing. It’s said that input vat on zero rated supplies is recoverable, yet we do not include it while calculating vat payable… Why is that? We only include the standard rated in vat payable calculation… How exactly is the input vat recoverable then?
zero rated supplies is when you can claim input vat from your purchases but you dont charge vat to your customers. so why do we need to calculate vat payable to hmrc when we don’t charge vat to our customers?
overview of vat: you don’t pay vat. your customers pay vat. you’re just the middle man between your customers and hmrc. hmrc collects vat from the customers via you.
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