On Mon, 2011-08-08 at 07:59 -0700, Chris Travers wrote: > Hi; > > How many here have to report EU VAT? How do you track tax rates and > do your reporting?
Each country has it's own VAT rate, so for the UK I just set the current rate in taxes, and use the 'start date' for changes. This seems to work ok. If sending goods to other EU countries, UK VAT is charged at the usual rate, unless the customer provides a VAT number, in which case the goods are supplied VAT-free, but sale has to be recorded on a supplemental VAT form. This turns up if you put anything other than zero in the 'Supplies to other EU countries' box, which is for VAT free supplies where a VAT number has been supplied. I just recorded these by keeping the printed invoices in a separate file! Purchasing from another country I'm not sure about, as I never have. You can claim back the VAT paid in the source country if you have paid it, or you have to pay VAT at your local rate if you provided a VAT number to be exempted. VAT is payable every three months, i.e. quarterly. The details are here http://www.hmrc.gov.uk/vat/managing/returns-accounts/completing-returns.htm and you should be able to down-load the form from that site. There is a flat-rate scheme for those that choose that option, details here http://www.hmrc.gov.uk/vat/managing/returns-accounts/fat-rate-returns.htm The VAT people are actually amazingly helpful, they may even send you assorted booklets if you ask them. Records have to be kept for 7 years (under pain of death). Errors, under £10,000 I think, can be sorted out using the normal form, but bigger ones require a call to the VAT man. People get really excited about VAT, but for most businesses it's really simple. Accounting software tends to present the numbers at the press of a button at the quarter end (nice, but not essential), but it's simple to do with LedgerSMB reports anyway. Goods being permanently exported out of the EU are VAT free. As far as I'm aware, all EU states work in the same way. Hope that helps. > > What works well? What doesn't work so well? > > Best Wishes, > Chris Travers > > ------------------------------------------------------------------------------ > BlackBerry® DevCon Americas, Oct. 18-20, San Francisco, CA > The must-attend event for mobile developers. Connect with experts. > Get tools for creating Super Apps. See the latest technologies. > Sessions, hands-on labs, demos & much more. Register early & save! > http://p.sf.net/sfu/rim-blackberry-1 > _______________________________________________ > Ledger-smb-users mailing list > [email protected] > https://lists.sourceforge.net/lists/listinfo/ledger-smb-users ------------------------------------------------------------------------------ BlackBerry® DevCon Americas, Oct. 18-20, San Francisco, CA The must-attend event for mobile developers. Connect with experts. Get tools for creating Super Apps. See the latest technologies. Sessions, hands-on labs, demos & much more. Register early & save! http://p.sf.net/sfu/rim-blackberry-1 _______________________________________________ Ledger-smb-users mailing list [email protected] https://lists.sourceforge.net/lists/listinfo/ledger-smb-users
