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
VAT Question
Feb 07, 2007
1 Replies
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.
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