UK company VAT account structure, updated

[Vincent V]

Jon
Putting the notes int a localised section of the main documentation is a 
geat idea. I have also placed the (slightly exteded) notes into the VAT 
account's notes itself - reprodcued below.


Now as for the xea file I prduced a set of accounts and named the file 
acctchrt_ukvat.gnucash-xea
I then edited the file as follows:

place a 'wrapper' around the original file contens so it looks like this:

<?xml version="1.0"?>
<gnc-account-example>
    <gnc-act:title>
     UK VAT accounts
    </gnc-act:title>
    <gnc-act:short-description>
      Accounts to help record data for and complete UK VAT returns
    </gnc-act:short-description>
    <gnc-act:long-description>
    You would want to select this set of accounts if you have a small 
business in the UK and are VAT registered. They provide a structure to 
assist in recording VAT information and filling out the VAT return.   
</gnc-act:long-description>


.......rest of file...........

</gnc:account>
</gnc-account-example>

<!-- Local variables: -->
<!-- mode: xml        -->
<!-- End:             -->

removed the 'inner wrapper' which did not appear in the other xea files

<gnc-v2>
<gnc:count-data cd:type="book">1</gnc:count-data>
<gnc:book version="(null)">
<book:id type="guid">6c117d478acee0716a20877739170964</book:id>
<gnc:count-data cd:type="account">67</gnc:count-data>

.......rest of file...........

</gnc:book>
</gnc-v2>


Is this correct?

The trouble is that I can't test it; when I start the 'new file' druid 
it doesn't show any accounts files at all - just a blank selection. If I 
try to load any xea file manually - using file:open - I get an error 
message saying that the file was created usng a later version of gnucash 
than mine (even the file I just created) and I should upgrade. Actually 
I suppose it has a point, the xml code does clearly say <gnc:account 
version="2.0.0"> adnI'm running 1.8.1


Vince



__________Notes____________________
Disclaimer
This account structure has been produced for my own own business accounts
and made genereally available in the hope that it will be useful to others.

I believe it provides all the information required to complete the UK 
VAT forms for
a small business but I am not a VAT or Tax expert so treat it with 
caution and
check that meets your needs.

It is based on information provided by VAT notices on the Customs and 
Excise
website in July 2003 (www.hmce.gov.uk)
mainly VAT Notice: 700/12 (www.hmce.gov.uk/forms/notices/700-12.htm)
with reerences to  VAT notices 725 and 741.

Please report any errors or ommisions

Vince
vincentv at dsl.pipex.com
gnucash-user at lists.gnucash.org

Usage and explanation
(Box n) refers to VAT form box number

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

When you pay your VAT bill, transfer your net payment from your bank account
to VAT:o/p, and also transfer your net VAT:i/p to VAT:o/p.
If C&E pay you then transfer their payment from VAT:i/p to your bank 
account,
and also transfer your net VAT:o/p to VAT:i/p.


Capital Equipment (Box 7 - part) and (Box 6 - part) is the value of all 
*additions*
(purcahses) made over the VAT return period - not the absolute value, 
nor the
difference in value unless that difference is wholey due to new purchases.
Depreciation, losses (e.g a write off of faulty items) and other 
reductions in capital
value are not included. If you sell a capital item then that sale and 
its VAT is
recorded under Income. The asset is 'converted to cash', so the 'net of 
VAT'
increase in your bank account (when the invoice is payed) must be 
matched by
a decrease in capital.

Charging zero rate VAT (EEC VAT registered businesses, and world sales) is
not the same as not charging VAT and should be recorded. Do not assume that
because your customer is an EEC VAT registered business or is outside of 
the
EEC that you can zero rate the VAT. If a service is considered to have 
taken place
in the UK then you must charge the appropriate UK VAT - the rules for 
determining
'place of supply' of a service are complicated, ask Customs and Excise 
if you are
not sure.

Boxes 8 and 9 are to do with the recording (for statistical purposes) of 
the physical
movements of goods across the EEC, so they do not include services or items
considered as services (e.g. downloaded software or other electronically 
provided
'goods'). This is another fairly complicated area - does software 
shipped on CD
count as goods? Also, if your trade exceeds a certain value, then you 
have to
file a more detailed report than provided in boxes 8 and 9. Ask Customs 
and Excise
if you are not sure.