Indirect Tax refers to the amount collected by an entity present in the supply chain, for instance, a producer or retailer, which in turns get paid to government (Wang, Caminada and Goudswaard, 2012). This amount is paid by customers on purchase of the company's offerings. The most prominent example of indirect tax is the Value Added Tax.. The report covers a detailed understanding of VAT regulations and calculation of VAT returns in a timely and accurate way. It also includes a detailed discussion of VAT penalties and various adjustments for previous errors and communication of VAT information within the organisation.
1.1. Identification of sources of VAT information
Value Added Tax is a form of indirect tax which is placed on a company's offerings whenever a specific value is added at stages of supply chain, i.e., from production to ultimate sales of the product. Within the UK government, there are various sources which provide effective information on VAT.
One such source of information is Value Added Tax Act, 1994. This act within the country is related with VAT and provides effective information on this aspect which provides effective information on the same. In addition to this, there are various provisions that are covered under this act which are required by companies to comply with to effectively manage VAT within their org