Jobs and Actions - UK company VAT account structure

[Vincent V]

Mike
> 3. Have any UK users got any tips on producing a VAT return and the configuration of the Tax 
> Tables to achieve this?

Here is the company account structure that I have come up with, what do
you think?
I have used this basic structure for many years (even before GNU cash)
and my accountant has not complained so far. I have now modified it to
implement my understanding on filling the VAT form (after reading and
re-reading the online and other Customs and Excise documents) for issued
after 1st July 2003 when the new EEC VAT reclaiming rules come into
force. If you have VAT covering the period bofore that (as I have) you
may get the old form for that overlap period.

Account types (only shown if different to parent type)
[E] Expence
[I] Income
[A] Asset
[L] Liability
[Q] Equity
[B] Bank accounts
[C] Credit Cards
[R] Accouns Receivable
[P] Accouns Payable

(Box n) refers to VAT form box number (I actually have these as
descriptions to the account to remind me)

Add all the (Box n -part)  together to get the whole (Box n)
The VAT shows you liability - if its negative they owe you.


Bank Accounts [B]
   |___ Main Account
   |___  Reserve Account

Cash [A]

Assets [A]
   |___ Capital Equipment    (Box 7 - Part)
   |           |___ Computers      Can be depreiciated to zero this year
   |           |___ EEC reverse VAT purchase  (Box 6 - Part) create subaccounts if needed
   |___  Other

Recievable [R]   Customers to whom you give credit - business part of
GNUcash
   |___  Customer 1

Cards [C]
   |___  Card 1

Liabilities [L]
   |___  Owed Corp Tax
   |___  Owed Fees
   |___  Owed Tax / NI
   |___  Other

VAT [L]   Net (Box 5)
   |___ i/p [A]   purchases (Box4)
   |___  o/p [L]     (Box3)
              |___EEC   on reverse VAT purchases (Box 2)
              |___Sales   all including zero rate UK/ EEC  and World (Box1)

Payable [P]   Suppliers who give you credit
   |___  Supplier 1

Equity [Q]
   |___  Corp Tax
   |___  Director's Loan
   |___  Dividends
   |             |___  Director1
   |             |___  Director2
   |             |___  Shareholder 1
   |___ Grants (and stuff that does not count as income)
   |___Opening Balances

Income [I]   (Box 6 - part)
    |___ Interest
    |___ Misc
    | ___ Sales
                 |___ EEC
                 |          |____ goods  (Box 8)
                 |          |____ services
                 | ___ UK
                 |____ World

Expences [E]
         |__Depreciation
         |__ Emoluments
         |            |___ Directors Fees
         |            |___ NI Employer
         |            |___ Employee 1
         |                     |___NI
         |                     |___Net Salary
         |                     |___Stakeholder
         |                     |___Tax
         |___ Other Non VAT Expences
         |___ VAT Purchases    (Box 7 - part)
                     |___  Accountancy
                     |___  Bank Charges
                     |___  Consumables
                     |___  EEC  reverse VAT purchases  (Box 6 - Part) create sub accounts if needed
                     |___  Office
                     |___  Phone and Internet
                     |___  Software
                     |___  Subscriptions
                     |___  Sundry
                     |___  Travel / Accom

There we are -- simple isn't it ??!!!

If anyone thinks this is wrong please say so

Vince Valvona