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What do I do with VAT rates different from 17.5%

 
 
petesouthwest@hotmail.com
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      01-15-2006, 03:37 PM
Hi

We have just become VAT registered company in the UK and I am trying to
get my head around the subject. From the HMCE website I understand
that:
"Most business transactions involve supplies of goods or services. VAT
is
payable if they are:

a.. supplies made in the United Kingdom (UK) or the Isle of Man
b.. by a taxable person
c.. in the course or furtherance of business and
d.. are not specifically exempted or zero-rated"

Do I simply ignore everything that isnt 17.5% and isnt in the UK?

For example does this mean that if we have received an invoice from
the US which has a separate line for "VAT" that I ignore this and put
done the gross amount and use a T0 (zero rated transactions) VAT code
in Sage Instant Accounts?

Similarly, we have an invoice from Ireland which has on it, VAT at 21%.
Do
I again put this through with a T0 code?

The supply in these cases has been for electronic goods eg a download
of
software, a website component and Google advertising.
I have been trying to find out the answer on the HMCE website but I
can't
seem to find answers.
Many thanks for any help given

Pete


 
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