VAT question

[Fred]

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

 

[Robert Killington]

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?

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.

 

[Fred]

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.

Many thanks. I feel I was being a little pedantic but needed to satisfy my
concern.