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VAT Presentation to FASIG
Liz Shillingford - VAT Accountant
18 March 28
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Presentation o!"ecti#esPresentation o!"ecti#es
• $%&lain VAT codes on A&tos
• $%&lain &artial e%e'&tion
•
Sales ( Purchases - co''on &ro!le's• Increase
o#erall general a)areness
• Increase accurac* of coding on in#oices
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VAT codes on A&tosVAT codes on A&tos
+Ta% s&ecifications,+Ta% s&ecifications,For Sales
• ST - Standard rate
•
$ - ero rated• $. - $%e'&t
• /S - /utside the sco&e of VAT
Ta%a!le su&&lies
0on ta%a!le
su&&lies
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T*&e of su&&l* deter'ines VATT*&e of
su&&l* deter'ines VAT
treat'ent of e%&endituretreat'ent of e%&enditure
Ta%a!le su&&l* VAT full* reco#era!le
0on ta%a!le su&&l* VAT not reco#era!le
Mi%ed su&&l* VAT &artiall* reco#era!le
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VAT codes on A&tosVAT codes on A&tos
+Ta% s&ecifications,+Ta% s&ecifications,For
&urchases
• S - Standard rate3 full* reco#era!le
•
S0 - Standard rate3 non reco#era!le• SP - Standard
rate3 &artiall* reco#era!le
4ou should onl* see one of these &er account code
5eter'ined !* su&&l* 'ade6inco'e source
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VAT codes on A&tosVAT codes on A&tos
+Ta% s&ecifications,+Ta% s&ecifications,For
&urchases
• $ - ero rated
•
$. - $%e'&t• /S - /utside the sco&e
$nd result is the sa'e - no VAT
!ut the* are not the sa'e
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7hat is &artial e%e'&tion7hat is &artial
e%e'&tion
9 The :ni#ersit* is &artiall* e%e'&t !ecause it
'a;es !oth ta%a!le and e%e'&t su&&lies
9 It can clai' a &ro&ortion of the VAT incurred
on
'i%ed su&&lies
9 :ni#ersit* has an inco'e !ased 'ethod
9 Ta%a!le sales &ercentage reco#era!le
Total sales
9 Percentage a&&lied to &artiall* reco#era!le
VAT
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Facts ( figuresFacts ( figures
2
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Sales co''on &ro!le'sSales co''on &ro!le's
• $nsure correct VAT code is used
• Internal sales are outside the sco&e of VAT
+)ith the e%ce&tion of liuor sales S onl*,
• If there is no su&&l* then no VAT should !e
charged3 eHgH reco#er* of e%&enses or grant
inco'e
See se&arate handout on VAT and Sales
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Purchases - co''on &ro!le'sPurchases - co''on
&ro!le's
• VAT inclusi#e in#oices
VAT 'ust !e s&lit out
VAT fraction is =6?= of total a'ount
• Mi%ed su&&l* in#oices
$nter a se&arate line for each change in
ta% rate
5o not enter total a'ount using /S
and ignore the VAT co'&letel*
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Purchases contDdPurchases contDd
9 VAT onl* in#oices
$nsure VAT is entered in VAT !o%
5u''* lines )ill ha#e to !e used to enter a line
)ith VAT and credit line )ithout VATH Bredit lineshould !e
/S
9 Internal &urchases are outside the sco&e of
VAT
+incl ($ in#oices )hich sho) VAT,
See se&arate handout on VAT and Purchases
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Purchases fro' outside the :JPurchases fro' outside the :J
• $nsure *ou gi#e our VAT nu'!er to a#oid
!eing charged foreign VAT that )e cannot
reco#er
• Lia!le for :J VAT
• /ur VAT nu'!er is G 1?2 ?== EC
See se&arate handout on VAT and Purchases
fro' outside the :J
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Getting it right ( )h* it 'attersGetting it right ( )h* it
'atters
• Borrect coding of &urchases )ill allo) 'oreVAT to !e
reco#ered
• Borrect coding of su&&lies )ill increase
ta%a!le
sales
• Increased ta%a!le sales larger &artial reco#er*
&ercentage
• Larger &ercentage 'ore VAT clai'ed !ac;
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Further infor'ationFurther infor'ation
Further infor'ation can !e o!tained fro'K
• Liz Shillingford
$'ailK $H$HShillingforde%eterHacHu;
TelK e%tn @E8
• VAT andouts a#aila!le on Finances Ser#ices3
VAT )e! &age
• M e#enue ( Busto's
)e!siteK )))Hh'rcHgo#Hu;
mailto:[email protected]:[email protected]
