PGA Expenses
Brian_Howard
Registered Posts: 1 New contributor 🐸
Hi
Just got a bit of a problem i cant get my head around regarding VAT!
Doing the accounts for a sole trader that works for the PGA....
To cut a long story short he'll pay for bills such as hotels etc. and on some occasions (not all) he'll claim the input VAT back.
So lets say a hotel for £100net...£15 VAT(claimed)...£115gross
And a taxi fare for £10net...(no VAT claimed)...£10 gross
So a total of
£110 NET (which goes into the expense accounts)
£15 INPUT VAT (which goes into the VAT account)
£125 GROSS
He'll then put an expenses claim into the PGA as follows:-
£125 NET
£18.75 OUTPUT VAT
£143.75 GROSS
Of that he'll pay the £18.75 output VAT over to the revenue.
In terms of VAT etc....where does he stand?
Help would be much appreciated
Just got a bit of a problem i cant get my head around regarding VAT!
Doing the accounts for a sole trader that works for the PGA....
To cut a long story short he'll pay for bills such as hotels etc. and on some occasions (not all) he'll claim the input VAT back.
So lets say a hotel for £100net...£15 VAT(claimed)...£115gross
And a taxi fare for £10net...(no VAT claimed)...£10 gross
So a total of
£110 NET (which goes into the expense accounts)
£15 INPUT VAT (which goes into the VAT account)
£125 GROSS
He'll then put an expenses claim into the PGA as follows:-
£125 NET
£18.75 OUTPUT VAT
£143.75 GROSS
Of that he'll pay the £18.75 output VAT over to the revenue.
In terms of VAT etc....where does he stand?
Help would be much appreciated
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