What are the implications for VAT traders?
Like all taxes, VAT must be paid in legal tender – Pounds Sterling in the UK. VAT is payable on the ex-VAT asking price, which includes the amount of LETS money paid. If you are VAT registered and you are selling an item for 100 pounds before VAT, you could charge 25 LETSystem pounds and 75 pounds sterling. Then you add on 17.50 in Sterling for the VAT.
