The difference between vat exclusive and vat inclusive is that vat exclusive is the price before tax is added on. Vat inclusive is the price after tax has been added on.
yes because credit sales contains vat
Nett is pre VAT on an invoiceGross it the total cost due (inclusive of VAT)Hope this helpsLiz. H
simpleParty A/c Dr. (inclusive of vat)sale A/c Cr. (exclusive of vat)Vat output Cr.
Divide by 1.whatever the rate is. ie If vat is 17.5% you would divide the gross by 1.175 to get the net figure, the vat is the difference between the two.
Input VAT is the tax imposed on purchase whereas Output VAT is the tax charged on selling items
The difference between vat exclusive and vat inclusive is that vat exclusive is the price before tax is added on. Vat inclusive is the price after tax has been added on.
The types of VAT........ 1 ) INPUT VAT @ 4 % 2 ) INPUT VAT @ 1 % 3 ) INPUT VAT @ 12.5 % 4 ) OUTPUT VAT @ 1 % 5 ) OUTPUT VAT @ 4 % 6 ) OUTPUT VAT @ 12.5 %
VAT that is charged by a business and paid by its customers is known as "output VAT" (that is, VAT on its output supplies). VAT that is paid by a business to other businesses on the supplies that it receives is known as "input VAT
The difference between e-vat and vat is the time in which they take effect. The vat takes effect when a sale is made, and the e-vat takes effect when the sale is finalized. To know more about the VAT or VAT consultancy services please visit Proactive Consultancy Group - TPCGUK or you can call us at +44 207 193 7072
8.5 percent of the pre-VAT price.
normal balance of output VAT
yes because credit sales contains vat
vat inclusive- Gross price (price after adding tax)vat exclusive-net price (price before adding tax)
The difference is 8.5 percent of the purchase price, or 3.125 times as much at 12.5% as at 4%.
Nett is pre VAT on an invoiceGross it the total cost due (inclusive of VAT)Hope this helpsLiz. H
simpleParty A/c Dr. (inclusive of vat)sale A/c Cr. (exclusive of vat)Vat output Cr.