ABSTRACT
The double entries required to record a sale or purchase subject to value added tax (VAT) were illustrated in Chapter 1. The current statutory source of VAT law is the Value Added Tax Act 1994 although much of the detail is to be found in orders and regulations made pursuant to the Act. The principal regulations are the Value Added Tax Regulations 1995 (SI 1995/2518) (VAT Regulations 1995). In addition, some parts of publications published by HM Customs & Excise have the force of law, including, for example, ‘The VAT Guide’ (HM Customs & Excise Notice 700).
