What do I do with VAT rates different from 17.5%

Discussion in 'Accounting Software' started by petesouthwest@hotmail.com, Jan 15, 2006.

  1. Guest

    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
     
    , Jan 15, 2006
    #1
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