Thursday, December 11, 2008
New VAT Fraction
As everyone will be aware, the Government has recently lowered the standard rate of VAT to 15% in an attempt to get us all spending. Is this really going to make any difference? Well, who knows, but when Government debt is heading towards one trillion, what's another couple of billion on top? Gordon may think he has saved the world, but the Germans seem less than impressed.
So anyway, if you're doing a VAT return anytime soon, you might be interested in the new numbers for what is commonly known as the "VAT fraction", used for determining the VAT element when you only know the gross amount.
When VAT was 17.5%, you might remember that the VAT fraction was 7/47.
Now that VAT is 15%, the new VAT fraction is 3/23
Related link: VAT Calculator
So anyway, if you're doing a VAT return anytime soon, you might be interested in the new numbers for what is commonly known as the "VAT fraction", used for determining the VAT element when you only know the gross amount.
When VAT was 17.5%, you might remember that the VAT fraction was 7/47.
Now that VAT is 15%, the new VAT fraction is 3/23
Related link: VAT Calculator
Labels: tax
Permalink // posted by Rob @ 2:05 AM 
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Hehe , one good thing is that it makes me go through and sort my accounts quarterly, otherwise I probably wouldn't bother til year end and that would be a big headache.
Just incase anyone needs to use a VAT Calculator at the old rate of 17.5% you can find one clicking on my name.
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