VAT question

Discussion in 'UK Accountancy' started by Fred, Jul 8, 2003.

  1. Fred

    Fred Guest

    Just started my business and concerned about receipts. Probably a silly
    question!

    I have bought quite a lot of stuff in dribs and drabs locally for which I
    get totalled receipts. Although they show VAT number and one can reasonably
    assume they are for VATable items, can I split the amounts myself into VAT
    and non-VAT elements?

    Many thanks in advance
     
    Fred, Jul 8, 2003
    #1

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  2. Fred

    Robert Killington Guest

    Yes. You extract the VAT by applying the VAT fraction.
    Multiply the tax inclusive amount by 7, divide by 47. The
    answer is the VAT.

    Best wishes


    Robert Killington
    visit www.vatark.co.uk
    for help with VAT

    To e-mail me please do so via my web site.
     
    Robert Killington, Jul 8, 2003
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  3. Fred

    Fred Guest

    Many thanks. I feel I was being a little pedantic but needed to satisfy my
    concern.
     
    Fred, Jul 8, 2003
    #3

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