What’s the new VAT Fraction?

Now that the new rate of VAT is here I'm being asked: what is the new VAT fraction? The new VAT fraction is 20/120 or 1/6. Why is this important? It's an easy way to work out how much VAT there is in a VAT inclusive amount. For example, you buy some note pads and box of pens from the stationers. You pay £24.00 and get a till receipt that … [Read more...]

Notes on VAT for the newly registered business – Part 1

This is the first of a series of posts for newly or recently registered businesses. There will be another post in a day or two. Definitions First some definitions that will help you understand some of the jargon used by VAT inspectors, and by VAT advisers. Official term Translation Output VAT This is what you charge to your … [Read more...]

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