The Benefits of VAT

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RSM is a leading provider of audit, tax and consulting services to middle market leaders, globally.

Value-Added Tax (VAT) is a broadly based consumption tax assessed on the value added to goods and services. It is a tax deeply entrenched into the UK retail landscape and thus is critical for the fashion industry. In principle, all commercial activities involving the production and distribution of goods and the provision of services that are bought and sold for use or consumption in the UK fall within the ‘scope’ of VAT.

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