Part 3.5 - Value Added Tax (sales tax)
Автор: Learn Bookkeeping Online Training
Загружено: 2026-01-02
Просмотров: 12
Описание:
Free introduction course for beginners in bookkeeping.
Learn the most important terminology, processes and tasks done by bookkeepers.
Terminology used:
Inclusive or exclusive VAT (Registered business)
If your business is VAT(sales tax)- registered, you need to add the applicable rate as an additional, i.e 20% is a standard tax rate in the UK.
The difference is how to display the VAT on the invoice, either as inclusive, which means the total amount contains tax already or as exclusive, which means that we need to add the tax rate. Example, inclusive £120 (inclusive VAT), in other words £100 total and £20 tax, you can also calculate by 120 * 20/120 [ 20 is a standard rate and 120 is 100%+20%]. Example for exclusive is £100 (exclusive VAT) + £20 (20% VAT) = £120.
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