VAT Calculator

Bogeyman said:

Online VAT Calculator

Free UK VAT calculator. We have created this VAT calculator as a free to use tool for calculating VAT rates in the UK.
www.vatcalculator.co.uk


Is this accurate? :unsure:
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No.

For the items that are charged standard rate VAT at 20% then yes it is but it doesn't take in to account the items that incur VAT at the reduced rate of 5% or the items that are zero rated.

Jaffa cake anyone?
 
tadpole said:
No.

For the items that are charged standard rate VAT at 20% then yes it is but it doesn't take in to account the items that incur VAT at the reduced rate of 5% or the items that are zero rated.

Jaffa cake anyone?
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Smartypants!

@Bogeyman Tad is right. 20% is what we pay on shaving gear for example. It's already included in the prices we see here - not added on at checkout like some US state taxes. This is a good summary:

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Boycie83 said:
Smartypants!
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The VAT threshold is £85k so businesses that have a turnover below this level do not need to register for VAT (thought they can do so voluntarily) so you may find that artizinal shaving gear producers do not charge you VAT.

If you sell second hand items you can apply the VAT margin scheme where the tax is charged on the margin made on an item.
 
tadpole said:
The VAT threshold is £85k so businesses that have a turnover below this level do not need to register for VAT (thought they can do so voluntarily) so you may find that artizinal shaving gear producers do not charge you VAT.

If you sell second hand items you can apply the VAT margin scheme where the tax is charged on the margin made on an item.
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Interesting - I never knew that. Not wanting to take this off topic but this is an education for me. Say an artisan produces a product and their turnover is below £85k, they can sell their product VAT free - if this is then sold by a vendor (not the artisan in this case) whose overall turnover is below £85K, they can sell the same item on at profit without VAT? If the vendor's turnover is over £85K, VAT is added to the product during sale? Have I got that right?
 
Boycie83 said:
Interesting - I never knew that. Not wanting to take this off topic but this is an education for me. Say an artisan produces a product and their turnover is below £85k, they can sell their product VAT free - if this is then sold by a vendor (not the artisan in this case) whose overall turnover is below £85K, they can sell the same item on at profit without VAT? If the vendor's turnover is over £85K, VAT is added to the product during sale? Have I got that right?
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That is right , also if a vat registered business by something with VAT on , they can claim back the VAT on the materials or stock they bought , but then charge VAT on the sale. So effectively they are only paying VAT on the profit.
 
Sabrina The Teenage Witch 1990S GIF
 
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