The value added tax charged by a taxable person on standard rated supplies (standard-rated supply) made to customers in the course or furtherance of a business. It must be accounted for to HM Revenue & Customs (HMRC) at the end of the period of account in which the supply was made, whether the supplier has received payment or not.
For further information, see the HM Revenue & Customs website .
Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.