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Jamie has recently purchased a small retail shop and intends to start trading very soon. He is confused whether he needs to register for VAT

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Jamie has recently purchased a small retail shop and intends to start trading very soon. He is confused whether he needs to register for VAT and the different VAT supply types. He is particular confused regarding the difference between zero and exempt supplies. Explain the three categories of VAT supply (Standard, Reduced and Zero rated) and exempt supplies. Your answer should include examples of each type of supply and the implications on VAT registration

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