Archive about 'VAT Accounting'

List Of Topics Under The Heading VAT Accounting

Click to the respective topic on VAT Accounting: Content Page On VAT ACCOUNTING 1.0 Value Added Tax (VAT – Introduction, basic concept and scope 2.0 Accounting for Value Added Tax (VAT) 3.0 The Advantages Of VAT Registration 4.0 VAT Accounting – VAT Returns – Its Timing and Filing  

VAT Accounting- The VAT Return –Timing & Filing

Timing Of Filing Of VAT Return Once a business is registered for VAT, the interval at which returns are to be made is decided between the trader and the Customs and Exisce.The usual period are: Monthly or Quarterly Two factors to consider whether monthly or quarterly: Convenient to file every quarterly instead of monthly If [...]

Advantages Of VAT Registration

Note that the registration of VAT is compulsory if turnover of a business is over the threshold. However, in situation where a business’s turnover has not reached the VAT’s threshold, there are some advantages to register for VAT.   Following Advantages to apply for VAT voluntarily even when the turnover threshold for VAT has not [...]

Accounting For VAT-Part 1

Accounting for VAT ( A ) RATES APPLICABLE TO VAT: Rates Used for Standard, zero-rated and exempt supplies: Supplies are categorized into either standard, zero-rated or exempt. ·  Supplies are categorised into three areas, standard, zero-rated and exempt. Standard and zero-rated are classed as taxable supplies. The standard rate is 17.5%. The zero rate is 0% [...]

Value Added Tax (VAT)-Introduction, Basic Principles & Scope

Introduction, Basic Principles & Scope Of VAT  Introduction:·      Value added tax is a form of indirect taxation levied throughout the European Union. ·       It was introduced in the UK in the early 1970s when it replaced another indirect tax, ‘purchase tax’. VAT is administered by HM Customs and Excise. The legal basis is found in the Value [...]