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
Monday, April 02, 2007
Here's My Tax - S.W.A.L.K
I had to post off my VAT Return, and the prepaid envelope was lost. So I had to put it in a fresh envelope and luckily had one stamp left. It just happened to be a particularly inappropriate stamp for how I feel when paying Tax.
Labels: light relief, tax
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