A–Z of commonly used VAT terms

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

The table below provides an A–Z list of commonly used VAT terms:

VAT term	Description
Acquisition tax	Businesses that are registered for VAT in the UK must account for acquisition tax on goods bought from VAT-registered suppliers in the EU if the goods are moved from the EU to Northern Ireland. See the Northern Ireland ― overview guidance note
Anti-avoidance	Anti-avoidance legislation is intended to address or prevent unfair VAT planning arrangements. See the Disclosure of tax avoidance schemes for VAT and other indirect taxes (DASVOIT) ― introduction guidance note
Assessments	HMRC can issue an assessment if a VAT return is not submitted on time or if HMRC decides that there is an error in a VAT return. See the Assessments guidance note
Avoidance	Avoidance can refer to an arrangement that is intended to improve the VAT position of the business that participates in the arrangement, but which may be challenged by HMRC. See the Disclosure of tax avoidance schemes for VAT and other indirect taxes (DASVOIT) ― introduction guidance

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