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Working with VAT by Kul Bhushan

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pearson

To avoid long hours spent in writing acounts, use a computer and an accounting program.

Vatman says…

VAT poses a number of challenges for accounting. The manual system has to be changed to include VAT accounting both for purchases and sales ledgers. You should start a VAT file to keep copies of all your VAT Returns and details of your VAT account. This is the first file examined by VAT inspectors during an inspection. Your accountant or accounting staff has to be re-trained on how to make ledger entries for VAT in the account books.

 

 

Chapter 8: Accounting for VAT

A fine is a tax for doing wrong. A tax is a fine for doing something ...

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