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Results tagged with vat
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user 366
For questions related to Value Added Taxes (VAT). For specific questions, consider adding a country- or region-specific tag, e.g. European Union.
1
vote
Accepted
Tax for Basket with Coupon containing two different VAT rates
The vendor needs to do this using apportionment, according to the VAT rules for mixed supplies:
If you make mixed supplies and the individual supplies are not liable to VAT
at the same rate then … So in your example the vendor might split the £5 discount equally between the spoon and the carrycot as they had the same gross cost, and pay VAT as if each had cost £7.50 gross. …
- 30.2k
4
votes
Accepted
What's the point of a 20% (alias 16.5%) VAT flat rate in UK?
The 16.5% rate applies to businesses that spend less than 2% of their turnover, or less than £1,000 on goods. It was raised in 2017, probably because the normal flat rates are too favourable for such …
- 30.2k
2
votes
Accepted
Why isn't the `flat rate scheme` favourable for Limited Companies anymore?
rate, as it's calculated on the total invoice amount - for an invoice with a base cost of £100+20% VAT, you'd bring in £120 and pay out £19.80 to the government. … If you used standard VAT accounting, then you'd pay out £20 to the government and be able to reclaim VAT on any goods you did buy as part of the business. …
- 30.2k
13
votes
Accepted
Should I pay a company who failed to collect VAT from me over 6 months ago?
It looks like businesses selling services (like software downloads) from outside the EU to the UK have to register for VAT if the amount of such sales goes over the UK VAT registration threshold:
[ … If] the value of the taxable supplies you make is over a specified
threshold [then] you must register for VAT
So it seems plausible that this business does have some requirement to charge VAT on its …
- 30.2k