* Following the previous post, for those using Sage, the process is greatly automated, provided that you have used the correct Sage VAT Codes, of course. Go into Financials and select the VAT Return option. Enter the correct start and end dates for the VAT Quarter in question. Click the ”Calculate” button (at this point, provided you have [read more]
 How to fill in a VAT Return – Standard Quarterly Accounting*This scenario is for VAT registered businesses, who use the standard accounting method for VAT and complete their returns quarterly. Simply add up all the sales for the VAT quarter, before VAT. This is your net sales figure and it goes in Box 6 on the VAT return. Add up all the VAT on those [read more] |
|
 The Symmetry of VAT*I’ve blogged before about how VAT works, so here, I’m just going to highlight the symmetry of the VAT chain in the UK by considering a hypothetical supply chain of VAT-registered businesses, Company, A, B, C. Company A makes a widget and sells it to Company B for £100+VAT = £117.50 Company A’s output VAT (the VAT [read more] |
VAT increase in 2011*It’s been announced that the standard VAT rate will increase from 17.5% to 20% from 4 January 2011. There are special rules for – among others - retail, services that span the date of change, continuous supply and extra care will need to be taken for those using cash accounting. Click here for HMRC information on [read more] |
Revert to 17.5% VAT*On the 1 January 2010, the VAT rate reverts to 17.5% If you are on the Flat Rate Scheme for VAT, look up your percentage here. * |
New Lower VAT Rate*From 1 December 2008, the standard rate of VAT will be 15% If you are on the Flat Rate Scheme, remember that your percentage changes too. * |
New VAT Rate*From Monday 1 December 2008, the VAT rate will drop to 15% and remain at this level until 31 December 2009, when it will revert back to 17.5% The new VAT fraction is 3/23. * |
