UK told to pay more into Europe

[SimonH]

Yeah you'd think he'd know the top rate of tax particularly as he pays it

Don't be daft Marco, I don't pay tax

I did pay £30k in VAT though last quarter

[joebloggs]

Don't be daft Marco, I don't pay tax

I did pay £30k in VAT though last quarter

You've also charged most of your customers VAT

[Dedworth]

You've also charged most of your customers VAT

The £30k Simon was referring to is the difference between the VAT he paid out on goods and services and the VAT he charged his customers. ie Buy product for £1000 plus £200 VAT sell it for say 20% profit at £1200 plus £240 VAT - govt gets the 40 quid

VAT is a consumption tax that is placed on a product whenever value is added at a stage of production and at final sale

So if he hadn't been trading the Govt wouldn't have got the £30k for the quarter