HomeЛюди и блогиRelated VideosMore From: One Accounting

One Accounting - Understanding VAT in 10 simple steps

225 ratings | 60613 views
Html code for embedding videos on your blog
Text Comments (16)
Ehtisham Zafar (1 year ago)
at 10:07 how come it is 1/6 of sale shouldn't it be 1/5 th of sale as 20% of sale is .6 so Net sale is 2.4
Chris Thomas (1 month ago)
Thanks David - that is the correct description of why 1/6 is the fraction to use
David Powell (11 months ago)
I believe that VAT is calculated on the net price. So in this case, the net price is £2.50. 20% of £2.50 is £0.50 for VAT to bring the total sales price to £3.00. I believe the 1/6 rule is applied here to work backwards from the sales price to calculate how much VAT was added to the net price. So, £3.00 / 6 = £0.50 for VAT.
Ben Miller (1 year ago)
Great informative video - thank you
Tim Thompson (1 year ago)
Excellent guide, really great advice.
Micro Workweb (1 year ago)
A quick question, we are constructing an oil & gas company which is still under construction. Can we register for VAT or wait until operations will start fully?
One Accounting (1 year ago)
If you are constructing an installation, it depends on who you are building it for. If you are building it for a client, then you are providing services and may need to be vat registered depending on the value of the services. If you are building it for your own company, then you may not have started trading yet, so wouldn't need to be vat registered. If you need more information, feel free to contact us via email or phone and we will be happy to assist.
Micro Workweb (1 year ago)
Thank you for the reply. The company is already formed and registered. and now it's on construction phase?
One Accounting (1 year ago)
Thanks for contacting us. If you are still forming the company, you won't be able to register for VAT until the company is formed. If you have more questions please doesn't hesitate to contact us 01312200152 and we will be happy to explain further once we have more information about your current situation.
Thomas Watson (1 year ago)
great video, thanks !
Jenna Sam (2 years ago)
Hello, I ned full training on VAT, please respond ton me by email if you willing to train me , Regards
corey vickers (2 years ago)
A great video thank you
Danialo Farina (2 years ago)
thanks for your help
J C (3 years ago)
Thanks
ThePirateTV (3 years ago)
you waste too much time talking about nothing
Power Tech (3 years ago)
thankyou sir

Would you like to comment?

Join YouTube for a free account, or sign in if you are already a member.