What is the standard rate of VAT?

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Study for the AAT Level 2 Introduction to Bookkeeping Test. Use flashcards and multiple choice questions with hints and explanations. Prepare effectively for your exam!

Multiple Choice

What is the standard rate of VAT?

Explanation:
This tests recognizing the default VAT rate. The standard rate is twenty percent and is charged on the majority of taxable goods and services unless they fall into other categories. Some items qualify for a reduced rate of five percent, others are zero-rated (0%), and some supplies are exempt from VAT altogether. So the statement that twenty percent applies to most goods and services is the correct description of the standard rate.

This tests recognizing the default VAT rate. The standard rate is twenty percent and is charged on the majority of taxable goods and services unless they fall into other categories. Some items qualify for a reduced rate of five percent, others are zero-rated (0%), and some supplies are exempt from VAT altogether. So the statement that twenty percent applies to most goods and services is the correct description of the standard rate.

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