VAT = Value Added Tax

Compensación de cuotas es la posibilidad que tiene el contribuyente de aplicar un derecho de cobro con una deuda a favor de la Administración Tributaria, cuando los dos importes se obtienen como resultado del cálculo del tipo de gravamen o del tipo impositivo a la base imponible de un tributo (Véase “Cuota tributaria”).

Esta compensación de cuotas se produce principalmente en el Impuesto sobre el Valor Añadido (IVA), cuando en un período la cuota devengada sea inferior a la cuota soportada, el contribuyente podrá optar entre compensar esa diferencia en las declaraciones posteriores, hasta un periodo máximo de cuatro años desde el devengo de dichas cuotas, o solicitar la devolución de dicho importe, en cuyo caso no podrá compensarlo en ninguna otra declaración




How to pay the Value Added Tax (VAT) in the UK:

All businesses that provide "taxable" goods and services and whose taxable turnover exceeds the threshold must register for VAT.[3] The threshold was £77,000 since April 2012,[32] and as of 2015 it is £82,000,[33] by far the highest VAT registration threshold in the world.[5] Businesses may choose to register even if their turnover is less than that amount. All registered businesses must charge VAT on the full sale price of the goods or services that they provide unless exempted or outside the VAT system. The default VAT rate is the standard rate, currently 20%.[3] Some goods and services are charged lower rates (reduced or zero).

Registered businesses must pay over to HMRC the VAT they have charged on their goods or service (known as output tax) but they may offset this with the VAT they have incurred on goods or services they have purchased that relates to their own onward 'taxable' supplies (known as input tax).[34] VAT incurred by businesses that does not relate to their onward making of taxable supplies (whether exempt or from 'non-business' activities) may not be offset from the amount of VAT that is payable to HMRC.

A separate scheme, called The Flat Rate Scheme is also run by HMRC. This scheme allows a VAT registered business with a turnover of less than £150,000 per annum to pay a fixed percentage of its turnover to HMRC every 3 months. The scheme is designed to reduce red tape for small business and allow new companies to keep some of the VAT they charge to their customers.[35]

Businesses selling exempt good, supplies or services, such as banks, may not register for VAT or reclaim VAT that they have incurred on purchases.[3] Businesses that sell a mixture of taxable and exempt goods or services can only recover the proportion of the VAT they incur on their purchases that relates to their onward taxable supplies. The rules dealing with 'mixed use' (or 'residual') VAT on purchases are complex. However, businesses that sell zero-rated goods or supplies, such as food producers or bookseller, may reclaim all the VAT they have incurred on purchases.