Orchid Bookkeeping, Bonnybridge FK4 1BE
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.
- Have you charged the proper rate of vat for the types of goods you have sold.
- Are the invoices/receipts you have received from your suppliers proper VAT invoices/receipts. If they are not then you cannot claim back the VAT that you have paid on them.
- Do you use a business car for personal use. If so then there are rules as to how much VAT you can claim back on petrol receipts.
There are also rules relating to whether or not you can reclaim Vat on the purchase of a business car. See here.
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,
| Sales |
| Purchases |
| General Ledger |
| Cashbook |
| Vat Return |
| Profit & Loss |
| Tax Return |
| Drawings |
| Sales |
| Purchases |
| General Ledger |
| Cashbook |
| Vat Return |
| Profit & Loss |
| Tax Return |
| Drawings |