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VAT and Corporate Tax Working Out

Discussion in 'Legal, Insurance & Issues' started by TheWorldEnds, Jul 13, 2013.

  1. Simple Aquatics

    Simple Aquatics

    Joined:
    Apr 5, 2009
    Messages:
    4,015


    As above, if VAT inclusive this represented 120% of the total to get NET, divide by 120 and times by 100. And to get VAT either deduct the two or divide by 120 and times by 20.

    If your inputs are more than your outputs, then you dont have VAT to pay, you are actually due a refund. But i would question why this would be the case, as your either stocking up or your actually making a loss
    Cody likes this.
  2. TheWorldEnds

    TheWorldEnds

    Joined:
    May 19, 2013
    Messages:
    11
    Thanks guys this makes a little more sense now. thank you also for clearing this up.
  3. Generix

    Generix

    Joined:
    Jun 2, 2011
    Messages:
    302
    Or your purchases/overheads are domestic SR and your sales are zero-rated exports or intra-community supplies. ;)
  4. Generix

    Generix

    Joined:
    Jun 2, 2011
    Messages:
    302
    New VAT fractions for 20% are as follows:

    to get net from gross: divide by 6 and then multiply by 5
    to get VAT from gross: divide by 6 (and then multiply by 1)
    to get net from from VAT: multiply by 5.
    to get gross from VAT: multiply by 6
    to get VAT from net: divide by 5
    to get gross from net: divide by 5 multiply by 6
    Cody likes this.
  5. Simple Aquatics

    Simple Aquatics

    Joined:
    Apr 5, 2009
    Messages:
    4,015
    I bet its what i said
  6. ribette

    ribette

    Joined:
    Dec 29, 2016
    Messages:
    1
    hy can you explain me how it works reverse vat; i have a supplier in a country from european union on second hand market; after three years my accounter just noticed it was written reverse vat on invoices instead of margin vat; what should we declare margin or reverse ; why to pay full vat on sony ericsson 10 years old or iphone 4 grad c ?

    just because they bought from professionnal and not people ; why me in france i need to pay ful vat on my fina
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