Fwd: Re: Sales tax collections and dispersal

[Maf. King]

Sorry, forgot the list...

Maf.

----------  Forwarded Message  ----------

Subject: Re: Sales tax collections and dispersal
Date: Tue 4 November 14, 07:50:50
From: Maf. King <maf at chilwell.net>
To: Fast Radio <fastradio at yahoo.com>

On Tue 4 November 14 02:33:00 Fast Radio wrote:
> This seems wrong to me.
> 
> I used the method similar to the out outlined in the book
> 

Hi,

As a business, when you add sales tax to a transaction (ie invoice or sale 
receipt), that tax component is not your money, it is the government's, which 
you happen to be looking after for them for a while.  In the UK, you only pay 
the difference between what you have charged, and what you have been charged 
on your purchases - other tax regimes are available so YMMV.

I'm not familiar with the book, could you give a potted version of what you do 
to track GST/VAT?

0.02
Maf.
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Maf. King
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