Orchid Bookkeeping.

TEL: 01324 466101

Mob: 07835 515206

EMAIL: enquiries@orchidbookkeeping.co.uk


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VAT RETURN


In simple terms  the amount owed for VAT is the amount of VAT charged on your sales invoices less the amount of vat you have paid on your purchases.


Things to consider before working out the amount you owe.



There are also rules relating to whether or not you can reclaim Vat on the purchase of a business car.  See here.


Rates of VAT


Standard 20% - most goods, phone, Gas, Electric for business use, postage package and delivery included in the sales contract if goods are standard rated


Exempt 0% - Educational vocational training, Financial Services, Insurance


Zero 0% - most but not all non catering foods, printing, publications, postage stamps, Passenger transport in a vehicle that carries not less than 10 passengers


Reduced 5% - Power, Gas Electric non business use


Outside the Scope - Road & Bridge Tolls,



Profit & Loss Report



Drawings



Tax Return



Sales



Purchases



General Ledger



Cashbook



VAT Return