input tax

input tax
Value added tax paid by a taxable person on purchasing goods or services from a VAT-registered trader. The input tax, excluding irrecoverable input VAT, is set against the output tax in order to establish the amount of VAT to be paid to the tax authorities.

Big dictionary of business and management. 2014.

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  • input tax — is the VAT paid or payable by taxable persons on goods or services supplied to them (or acquired by them from another European Union ( EU) Member State), which are used, or to be used, for the purpose of their business. VAT registered persons can …   Financial and business terms

  • input tax — value added tax (VAT) charged on supplies made to a taxable person. It can be recovered from HM Revenue & Customs (HMRC) provided that it is attributable to a taxable supply made or to be made and appropriate evidence is held. For further… …   Law dictionary

  • input tax — Value added tax paid by a taxable person on purchasing goods or services from a VAT registered trader. The input tax, excluding irrecoverable input VAT, is set against the output tax in order to establish the amount of VAT to be paid to the tax… …   Accounting dictionary

  • input tax credits — you are entitled to an input tax credit for the GST included in the price you pay for an acquisition or the GST paid for an importation if it is for use in your enterprise. Glossary of Business Terms …   Financial and business terms

  • exempt input tax — Input tax incurred on goods and services purchased which are wholly used, or to be used, in making exempt supplies. After the method has been applied, this value will include the exempt element of residual input tax identified by the partial… …   Financial and business terms

  • taxable input tax — Input tax incurred on goods and services purchased which is wholly used or to be used in making taxable supplies. After the method has been applied, this value will include the taxable element of residual input tax identified by the partial… …   Financial and business terms

  • blocked input tax — Input tax that is always non deductible, such as that on business entertainment and some cars. HM Customs & Revenue Glossary …   Financial and business terms

  • residual input tax — Input tax incurred by a business on goods and services used or to be used in making both taxable and exempt supplies. This value is apportioned between taxable and exempt supplies by the partial exemption method. HM Customs & Revenue Glossary …   Financial and business terms

  • input tax credit — noun a tax credit for all GST paid on inputs involved in the production and sale of taxable goods and services …  

  • input tax — / ɪnpυt tæks/ noun VAT which is paid by a company on goods or services bought …   Marketing dictionary in english

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