Re: EU VAT

[lrspares45 <..hidden..>]

On Mon, 2011-08-08 at 10:15 -0700, Chris Travers wrote:
> On Mon, Aug 8, 2011 at 8:34 AM, lrspares45 <..hidden..> wrote:
> 
> > 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.
> 
> Ok.  What goods and services are taxable at what rates are also set by
> the country, right?

Yes, e.g childrens clothes and books are VAT-free in the UK, and
gas/electricity are at a separate 5% rate. For 'Parts' I just use the
tick-boxes, having set up an additional 'VAT 0%' and 'VAT-5%' tax

> >
> > 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.
> 
> Is this a cash-basis form like the 1099 form in the US?  or is it
> accrual basis?  In other words, if you make the purchase at the end of
> one year and pay for it the next year, which year do you report it on?
> 
> I ask because in LedgerSMB 1.3 we have the ability to track purchase
> items that have to be recorded on a customer or vendor-specific tax
> form.  Right now the only tax form supported is the US 1099 form, but
> the reporting could be modified to provide similar reporting of line
> items for other forms.

As far as I'm aware, VAT is all based on invoice date (receipt for a
shop), not actual payment.
 

> Helps a great deal.

Cheers.

> 
> Best Wishes,
> Chris Travers
> 
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