VAT is a tax which we have to pay on many of the goods and services we buy in. We also have to charge VAT on certain goods and services we provide to our customers.
It is important that we get proper VAT invoices from suppliers, or that we get a VAT receipt so that we can get the VAT back, as this keeps our costs down.
VAT regulations mean we have to issue a VAT invoice where a standard-rated supply is made to another taxable person in the UK.
HM Revenue and Customs can fine us if VAT is not dealt with correctly and if the correct VAT documentation is not issued and/or retained.
VAT is mainly dealt with by staff using our financial feeder systems such as Purchasing, Creditors, Debtors, DCal (purchase card processing) and cash receipting/office cash. So if you use any of these systems you have a key role and responsibility for getting VAT right!
If you are in any way unsure, please do contact us:
VAT helpdesk - for general and specific VAT queries: 01752 304432
Financial Systems - for technical or operational queries: 01752 304424 or email@example.com