Taxation

Taxation

All commercial lawyers need some knowledge of tax, particularly value added tax (VAT), but also other taxes that may influence transactions or commercial arrangements. However, tax is a technical subject that really needs specialist knowledge, so within this subtopic we aim only to provide an introduction to the main tax issues relevant to the sale and supply of services.

Please note that the Practice Notes in this subtopic are introductory and therefore may not include links to all statutory references, HMRC guidance or case law, though links to relevant legislation and cases are available in the main subtopic. Further and more detailed guidance on tax issues is available in our Lexis®PSL Tax module.

VAT

There are many different types of VAT or sales taxes around the world. The UK VAT system is derived from the European Union (EU). It is important to understand the purpose, as well as the application and administration of VAT.

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