We have known about the introduction of VAT on 1st January 2018 since early 2016 but the official guidance and final rules have not long been issued. There seems to be a fair amount of misunderstanding as to how it will work, and who and what, will be affected so this article, is an overview of some of the facts.
Businesses should be taking professional advice on the topic, so I won’t be going into detail in here, as this article is designed as an overview for individuals only.