Archive about 'VAT Accounting'
Tweet Refresh or test your accounting knowledge on Value Added Tax (VAT): QUESTIONS:1.0 If output VAT exceed input VAT, the difference can be reclaimed from Custom and Excise. True or false?2.0 What are the two rates of VAT which may be applicable to taxable outputs? 3.0 Give two examples of expenditure on which input VAT […]
Tweet 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
Tweet 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 […]
Tweet 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 […]
accounting on VAT pertaining to the different rates applied in VAT ,VAT impact to income statement and balance sheet and how to show VAT in the books of accounts
Tweet Below topic discuss on the accounting on VAT pertaining to the different rates applied in VAT ,VAT impact to income statement and balance sheet and how we show VAT in the books of accounts: Accounting for VAT ( A ) RATES APPLICABLE TO VAT:Rates Used for Standard, zero-rated and exempt supplies:Supplies are categorized into […]
Tweet 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 […]