Accountant Forums

Thread Tools

What do I do with VAT rates different from 17.5%
Posts: n/a
      01-15-2006, 03:37 PM

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
"Most business transactions involve supplies of goods or services. VAT
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%.
I again put this through with a T0 code?

The supply in these cases has been for electronic goods eg a download
software, a website component and Google advertising.
I have been trying to find out the answer on the HMCE website but I
seem to find answers.
Many thanks for any help given


Reply With Quote

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Lease purchase (lease with option to buy) liveandlearn_again Individuals 1 06-05-2013 04:07 PM
What year is a RE transaction reported in? Lagrangian Mechanic Tax 2 04-06-2013 01:08 PM
VAT on services to procure reduced VAT or VAT-exempt products Keano UK Finance 4 08-03-2007 07:00 PM
Different Tax Rates for Products vs. Services Keith P Tomlin Microsoft Accounting 2 09-07-2006 02:18 PM
Annuity participation rates and cap rates Winter Financial Planning 1 05-11-2005 09:50 PM

All times are GMT. The time now is 01:30 AM.
Posts in this forum do not constitute the advice of or its members. Financial advice should always be taken from qualified advisors before committing to a financial decision.