Why are my VAT accounts

John Ralls jralls at ceridwen.us
Thu Oct 1 17:34:23 EDT 2015


> On Oct 1, 2015, at 11:45 AM, Dave H <hellvee at gmail.com> wrote:
> 
> Seems to be details for the UK VAT 100 quarterly tax return - example form at http://blogs.thesitedoctor.co.uk/tim/img/VATReturn-FrontPage.JPG  (thanks Tim)  Basically Value Added Tax collected on behalf of UK Governent HM Customs and Excise - similar to GST in Australia and State and Federal Taxes in the US I guess.  Boxes 1, 2 & 3 are amounts owing to HM and Box 4 is VAT/Sales tax paid by you.  Box 5 is the net amount payable/refundable.
> 

Thanks. That image led me to search for “filling in your VAT return” which yielded https://www.gov.uk/government/publications/vat-notice-70012-filling-in-your-vat-return/vat-notice-70012-filling-in-your-vat-return.

That makes it look like it should be reserved rather than expensed.

It surprises me that this should have gone unnoticed for 8 years. Are most of the UK users rolling their own CoA instead of using the template?

It also doesn’t do anything to tell us why it would ever have shown up on the Balance Sheet instead of the Income Statement (aka Profit and Loss Report).

Regards,
John Ralls





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