1. Home
  2. General Accounting
  3. VAT Question

VAT Question

I write POS sytem package I wuld like to know the following:

If I sell 5 item that cost £1.00 before VAT, do I apply the 17.5% for the 5 together i.e. £5.88 or the 5 separately i.e. £5.90

Thank you, Sam

Reply to
Samuel Shulman
Loading thread data ...

You have to show VAT for each item with the following rules:

down to the nearest p, or up or down to the nearest 1p or p

You have to be consistent.

At the end of the invoice the total amount of VAT may be rounded down to the nearest whole penny.

Reply to
Peter Saxton

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.