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#mark-wardsworth
VAT is a tax on gross profits i.e. sales minus goods purchased. There is no deduction for wages (usually the largest expense).
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Mark Wadsworth: Killer Arguments Against LVT, Not (486)
'd have output VAT = input VAT but I doubt you'd ever see a bankruptcy with a net negative or zero VAT bill. So a straight up turnover tax? 7 January 2021 at 16:54 Mark Wadsworth said... M, no. <span>VAT is a tax on gross profits i.e. sales minus goods purchased. There is no deduction for wages (usually the largest expense). So there are (or were, or could be) plenty of businesses which would be profitable if there were no VAT. Assuming that most of the VAT is borne by the supplier, if there were no VAT, th


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