This chapter describes how a business prepares the VAT Return the form on which: the output tax and input tax for the VAT period are summarised

Size: px
Start display at page:

Download "This chapter describes how a business prepares the VAT Return the form on which: the output tax and input tax for the VAT period are summarised"

Transcription

1 4 The VAT Retur this chapter covers... This chapter describes how a busiess prepares the VAT Retur the form o which: the output tax ad iput tax for the VAT period are summarised the amout due to (or from) HM Reveue & Customs is calculated This chapter describes: the documets a busiess eeds to keep for recordig trasactios ivolvig VAT the accoutig records ivolvig VAT which are eeded to provide the figures for the VAT Retur the cetral role played by the VAT Cotrol Accout how to deal with ay EU acquisitios made durig the VAT period how to adjust for the VAT cotet of ay bad debts icurred by the busiess ie amouts which iclude output VAT that have bee billed to customers, but are ever likely to be paid how to adjust whe too much iput VAT has bee claimed back i error o a previous VAT Retur how to adjust whe too little output tax has bee paid to HMRC i error o a previous VAT Retur Lastly, the chapter explais: how the appropriate figures are etered oto the VAT Retur ad how it is submitted olie to HMRC the time limits ivolved i submittig a VAT Retur ad the pealties that are payable if it is submitted late

2 t h e V A T R e t u r 6 1 k e e p i g vat r e c o r d s v a t a d v a t r e c o r d s The accoutig system of a VAT-registered busiess should record: iput tax o purchases ad expeses output tax o sales It must be appreciated that accoutig systems vary substatially from busiess to busiess, but the basic priciples will remai the same: data has to be collected periodically (ormally quarterly) so that iput tax ca be set off agaist output tax for the completio of the VAT Retur. It is importat to have a workig kowledge of the records that have to be maitaied by a VAT-registered busiess. They are set out i the What records must I keep? sectio of the olie VAT Guide at The basic records that relate specifically to VAT iclude: copies of sales ivoices (ideally i umerical/date order) these are the tax ivoices which set out the output tax charged (if it is charged). Busiesses do ot have to keep copies of simplified ivoices for 250 or less icludig VAT origials of purchase ivoices (ideally give a cosecutive referece umber) these are the tax ivoices which set out the iput tax which the busiess ca ormally reclaim. No ivoice is required for purchases from a coi operated telephoe, vedig machie, or for car parkig or toll charges that have a gross value of 25 or less credit otes relatig to adjustmets made to sales ad purchase ivoices documetatio relatig to EU acquisitios a VAT cotrol accout also kow simply as a VAT Accout which records or summarises all items of iput ad output tax ad acts as the source of data for the VAT Retur o t h e r b u s i e s s r e c o r d s The additioal busiess records ivolvig VAT that should be kept by the busiess iclude: bak statemets, payig-i slips ad cheque book stubs purchase orders ad delivery otes cash books ad petty cash books purchases ad sales day books ledger accouts payroll records computer pritouts ad reports aual accouts

3 6 2 i d i r e c t t a x ( F i a c e A c t ) t u t o r i a l We will ow look i more detail at the records eeded for sales (output tax) ad purchases ad expeses (iput tax). For the purposes of your studies we will look at a busiess that buys ad sells o credit ad maitais a maual accoutig system. You should always bear i mid that there are other busiesses that trade o cash terms (immediate paymet) ad which have computer accoutig programs which automate may of the processes that we will be describig. r e c o r d s f o r o u t p u t t a x ( s a l e s ) Records for output tax iclude: sales day book This lists sales made o credit ad is compiled from sales ivoices issued by the busiess. It ormally has a aalysis colum for VAT which is totalled periodically ad used i the output VAT calculatio. sales returs day book Ay credit give (eg for retured goods, adjustmets for overcharges) may ivolve VAT ad deductio should be made from output tax. A separate sales returs day book, with a VAT aalysis colum, will ormally be kept by the busiess ad will be compiled from credit otes ad debit otes issued. cash book receipts side This icludes a VAT aalysis colum ad records details of other receipts ot o credit which ivolve output tax, eg cash sales. Receipts for credit sales customers should be igored because the amouts received iclude VAT which has already bee dealt with i the sales day book whe the ivoice was issued. r e c o r d s f o r i p u t t a x ( p u r c h a s e s a d e x p e s e s ) Records for iput tax iclude: purchases day book This lists all purchases made o credit ad has a aalysis colum for VAT which is totalled periodically. purchases returs day book Ay credit received (eg for retured goods, adjustmets for overcharges) may ivolve VAT ad deductio should be made from iput tax. A separate purchases returs day book, with a VAT aalysis colum, will ormally be kept by the busiess ad will be compiled from credit otes ad debit otes. cash book paymets side This lists expeses paid by the busiess; VAT for o-credit items should be take from the cash book aalysis colum. VAT o paymets for credit

4 t h e V A T R e t u r 6 3 purchases should be igored because the amouts paid out iclude VAT which has already bee dealt with i the purchases day book whe the ivoice was received. A petty cash book with a VAT colum may also be used to list small expeses ad will eed to be accouted for i the VAT calculatios. vat c o t r o l a c c o u t The cetral record for ay VAT-registered busiess s bookkeepig system is the VAT cotrol accout ito which all iput ad output tax is etered. This is referred to i the HMRC VAT Guide as the VAT Accout. The balace of the VAT cotrol accout represets the amout owig to (or due from) HM Reveue & Customs. The illustratio below is developed from the layout recommeded by HM Reveue & Customs i the VAT Guide. It shows etries for a supplier that ormally has a surplus of output tax over iput tax, which meas that the supplier pays VAT to HM Reveue & Customs. A illustratio with sample figures ad explaatory otes is show o the ext page. vat cotrol accout summary of etries vat deductible (iput tax) vat payable (output tax) Purchases Day Book VAT mothly totals, less ay credit otes received/debit otes issued Cash Book items ot i Purchases Day Book Sales Day Book VAT mothly totals, less ay credit otes issued/debit otes received Cash Book items ot i Sales Day Book Petty Cash Book VAT o small expeses VAT allowable o EU Acquisitios Correctio of error(s) from previous returs (ot exceedig 10,000 et) VAT due o EU Acquisitios Correctio of error(s) from previous returs (ot exceedig 10,000 et) Bad debt relief = TOTAL TAX DEDUCTIBLE = TOTAL TAX PAYABLE less TOTAL TAX DEDUCTIBLE equals TAX PAYABLE ON VAT RETURN

5 6 4 i d i r e c t t a x ( F i a c e A c t ) t u t o r i a l You should ote that the cotrol accout show below is ot a double-etry accout i the strict sese; for example, items such as credit otes are deducted o each side rather tha beig etered o the opposite side. I practice the VAT cotrol accout will be maitaied i whatever way the accoutig system maual or computerised requires. The importat poit is that the etries used for the VAT Retur are all accouted for i a cosistet way. Study the VAT cotrol accout below ad read the otes o this ad the ext page. vat cotrol accout vat deductible: iput tax vat payable: output tax Purchases Day Book 10, Sales Day Book 18, less credit otes , less credit otes , Cash Book Cash Book Petty Cash Book EU Acquisitios 2, EU Acquisitios 2, Bad Debt relief Correctio of error TOTAL INPUT TAX 13, TOTAL OUTPUT TAX 21, less TOTAL INPUT TAX 13, equals VAT DUE 7, i p u t t a x This is show o the left-had (debit) side of the accout. We will explai each of these items i tur. Purchases Day Book The figure of 10, is the total of the iput VAT show i the VAT aalysis colums i the Purchases Day Book. The figure of 175 is the iput VAT total of the Purchases Returs Day Book. Cash Book The figure of 750 is take from the total of the VAT aalysis colum of the Cash Book (paymets side). Petty Cash Book The figure of is take from the total of the VAT aalysis colum of the Petty Cash Book.

6 t h e V A T R e t u r 6 5 EU Acquisitios EU Acquisitios are purchases made from aother EU state. The figure of 2, is the VAT which is paid o the acquisitio but is also treated as a allowable iput tax deductio. Bad debt relief A bad debt is a amout owig which a supplier writes off i the books because the debt is ulikely ever to be paid off the buyer may have goe bust for example. Bad debt relief is the VAT scheme i which HM Reveue & Customs allows a busiess to claim back VAT which it has charged to a customer ad already paid to HMRC, ad which it has o chace of recoverig. Bad debt relief is available for debts which are more tha six moths ad less tha four years ad six moths old. The debt must also have bee writte off i the supplier s accouts ad trasferred to a separate bad debt accout. Note that bad debt relief caot be reclaimed whe the cash accoutig scheme is used. o u t p u t t a x This is show o the right-had (credit) side of the accout. We will explai each of these items i tur. Sales Day Book The figure of 18, is the total of the output VAT show i the VAT aalysis colums i the Sales Day Book. The figure of 275 is the output VAT total of the Sales Returs Day Book. Cash Book The figure of is take from the total of the VAT aalysis colum of the Cash Book (receipts side). EU Acquisitios EU Acquisitios are purchases made from aother EU state. The figure of 2, is the VAT which relates to the acquisitio. Correctio of errors I this case the busiess owes HMRC a et This error could have bee caused by: the amout of iput VAT icluded has bee too high the amout of output VAT icluded has bee too low Correctio of errors is explaied i more detail o the ext page. VAT due calculatio VAT due is calculated by deductig the total of the iput VAT side from the total of the output VAT side: 21, mius 13, equals 7,205.74

7 6 6 i d i r e c t t a x ( F i a c e A c t ) t u t o r i a l v a t a c c o u t r e c o c i l i a t i o w i t h t h e v a t r e t u r The calculatio i the VAT cotrol accout of VAT due to HM Reveue & Customs show o the previous page should always agree with the total paymet calculated o the VAT Retur (see page 69). This is a importat iteral check for ay VAT-registered busiess. Note also that if the total iput VAT i the VAT cotrol accout (left-had side) is greater tha the total output VAT (right-had side), this meas that the busiess will reclaim VAT from HMRC. The appropriate calculatio will therefore be show i the VAT cotrol accout o the left-had side. This would regularly happe i the case of a busiess which produced zero-rated goods: VAT would be charged at 0% (ie o output VAT to accout for) but allowable iput VAT o purchases ad expeses could all be reclaimed. e t e r r o r s o f 1 0, o r l e s s You will have see that the output VAT side of the VAT cotrol accout o page 64 icludes a error correctio of This correctio is effectively addig this amout of output VAT to what is due for the VAT period. HM Reveue & Customs allows busiesses to correct et errors made i previous VAT periods of 10,000 or less (or 1% of quarterly turover, subject to a maximum of 50,000) i later VAT Returs through the VAT cotrol accout. Net error is the differece betwee the total of errors i output tax ad the total of the errors i iput tax. I the majority of cases, hopefully, there will oly be oe error, ad this will be the et error. Typical errors iclude failure to charge output tax o chargeable supplies, chargig at the wrog rate, or arithmetical errors i the accouts. If the error is over the 10,000 limit, or over 1% of quarterly turover, subject to a maximum of 50,000, the matter will eed to be reported to HM Reveue & Customs as a volutary disclosure (see page 76). t r e a t m e t o f v a t p a i d a d r e c l a i m e d Oe omissio from the VAT cotrol accout o page 64 is the VAT actually paid or reclaimed for the previous VAT period. Most busiesses which sell stadard-rated supplies will pay the VAT surplus to HM Reveue & Customs; other busiesses eg bookshops which sell zero-rated supplies, will ed up payig more VAT o iputs tha they charge o outputs, ad so will ormally be able reclaim VAT from HM Reveue & Customs each time they submit a VAT Retur.

8 t h e V A T R e t u r 6 7 The reaso the etries are ot show i the VAT cotrol accout is that they cacel each other out ad so have o effect o the VAT due or owig at the ed of the period. At the begiig of each VAT period the VAT cotrol accout will have a opeig balace, either VAT due to be paid to HM Reveue & Customs show o the righthad side of the accout as a credit balace brought forward (this is the figure at the bottom of the accout o page 64), or VAT reclaimable from HM Reveue & Customs which will be show o the left-had side as a debit balace brought forward Whe the VAT paymet is made by the supplier (or received, if VAT is reclaimable) durig the VAT period, the opeig balace will be cacelled out. The et effect of the two etries o the accout balace will be il. The examples below show how VAT paid ad reclaimed is treated: v a t p a y a b l e b y s u p p l i e r vat cotrol accout (extract) vat deductible (iput tax) vat payable (output tax) Bak 12,400 Balace brought forward 12,400 (VAT paid by supplier) (previous period s VAT due to be paid by supplier) v a t r e c l a i m a b l e b y s u p p l i e r vat cotrol accout (extract) vat deductible (iput tax) vat payable (output tax) Balace brought forward 10,000 Bak 10,000 (previous period s (VAT received by supplier VAT reclaimable by supplier) from HM Reveue & Customs)

9 6 8 i d i r e c t t a x ( F i a c e A c t ) t u t o r i a l t H e vat r e t u r o l i e s u b m i s s i o Whe the VAT figures have bee trasferred to the VAT cotrol accout ad the amout of VAT due or reclaimable has bee calculated, the VAT Retur ca the be completed. Nearly all busiesses must do this by olie submissio at A sample olie VAT Retur is show o the ext page, ad a Case Study follows o pages The boxes are completed as follows: 1 The total VAT due o sales ad other outputs. This total should be adjusted for ay credit otes issued ad errors ( 10,000 et or less) o previous returs. 2 VAT due o acquisitios from other EU states. 3 The total of boxes 1 ad 2. This is calculated automatically ad i real time by HMRC. 4 The total VAT reclaimed o purchases ad other iputs (less ay credit otes). This total icludes tax o acquisitio of goods from other EU states ad errors ( 10,000 et or less) o previous returs. 5 This is box 3 mius box 4, ad is automatically calculated olie whe the figures are iput i boxes 3 ad 4. If the figure i box 5 is positive, this is the amout payable to HM Reveue & Customs. If the figure i box 5 is egative, this amout i box 5 will be repaid to the supplier submittig the form. 6 The total of sales ad other outputs excludig ay VAT. This will iclude exempt, stadard ad zero-rated supplies ad supplies to EU ad o- EU states. Remember to adjust the total for ay credit otes/debit otes. 7 The total of purchases (iputs) excludig ay VAT. This icludes stadard, zero ad exempt supplies, imports ad acquisitios from EU states. Remember to adjust the total for ay credit otes/debit otes. 8 The total of supplies of goods ad related services, excludig VAT, to EU states (ote that related services refers to items such as freight ad isurace charges for the goods). 9 The total of acquisitio of goods ad related services, excludig VAT, from EU states (as above, related services refers to items such as freight ad isurace charges for the goods).

10 t h e V A T R e t u r 6 9

11 7 0 i d i r e c t t a x ( F i a c e A c t ) t u t o r i a l e l e c t r o i c p a y m e t s t o H m r c As we have already see i Chapter 4, early all busiesses must ow submit olie VAT Returs. If a electroic VAT Retur has bee submitted ay VAT payable must be paid electroically. HMRC recommeds that this is doe by direct debit, however busiesses ca also pay electroically usig olie or telephoe bakig, olie credit or debit cards, BACs or CHAPS. The method of paymet used by a busiess will affect the date o which the paymet must be made. There is a hady tool o the HMRC website etitled VAT paymet deadlie calculator which will tell you the appropriate paymet date depedig o the method that you use. Go to ad search for VAT paymet deadlie calculator. t H e pa p e r - b a s e d vat r e t u r f o r m vat The paper-based VAT Retur is ow oly permitted i exceptioal circumstaces. The relevat parts of the VAT 100 form which eed to be completed are show o the opposite page. The boxes are dealt with as follows: 1 The total VAT due o sales ad other outputs. This total should be adjusted for credit otes issued ad errors ( 10,000 et or less) o previous returs. 2 VAT due o acquisitios from other EU states. 3 The total of boxes 1 ad 2. 4 The total VAT reclaimed o purchases ad other iputs (less ay credit otes). This total icludes tax o acquisitio of goods from other EU states ad errors ( 10,000 et or less) o previous returs. 5 Take the figures i boxes 3 ad 4, deduct the smaller from the larger ad eter the differece i box 5. If the figure i box 3 is more tha the figure i box 4, this is the amout payable to HM Reveue & Customs. If the figure i box 3 is smaller tha the figure i box 4, the amout i box 5 will be repaid to the supplier completig the form. 6 The total of sales ad outputs excludig ay VAT. This will iclude exempt, stadard ad zero-rated supplies ad supplies to EU ad o-eu states. Remember to adjust the total for ay credit otes/debit otes. 7 The total of purchases (iputs) excludig ay VAT. This icludes stadard, zero ad exempt supplies, imports ad acquisitios from EU states. Remember to adjust the total for ay credit otes/debit otes. 8 The total of supplies of goods ad related services, excludig VAT, to EU states (ote that related services refers to items such as freight ad isurace charges for the goods). 9 The total of acquisitio of goods ad related services, excludig VAT, from EU states (as above, related services refers to items such as freight ad isurace charges for the goods).

12 t h e V A T R e t u r 7 1 o t e s o c o m p l e t i o o f v a t if a VAT paymet is beig eclosed, the relevat box should be ticked the form should be siged by a authorised perso the form should be retured by the due date i the evelope provided (ormally oe moth after the ed of the VAT period) do ot leave ay boxes blak eter oe if there is o figure to isert always have the arithmetic ad figures checked mistakes should be crossed through ad correct figures iserted; the amedmets should be iitialled paper-based value added tax retur (extract) p VAT due i this period o sales ad other outputs VAT due i this period o acquisitios from other EC Member States Total VAT due (the sum of boxes 1 ad 2) VAT reclaimed i this period o purchases ad other iputs (icludig acquisitios from the EC) Net VAT to be paid to Customs or reclaimed by you (Differece betwee boxes 3 ad 4) Total value of sales ad all other outputs excludig ay VAT. Iclude your box 8 figure. Total value of purchases ad all other iputs excludig ay VAT. Iclude your box 9 figure. Total value of all supplies of goods ad related services, excludig ay VAT, to other EC Member States. Total value of all acquisitios of goods ad related services, excludig ay VAT, from other EC Member States NONE If you are eclosig a paymet, please tick this box DECLARATION: You, or someoe o your behalf, must sig below. JAMES ELROY FLETCHER I, declare that the (Full ame of sigatory i BLOCK LETTERS) iformatio give above is true ad complete. Sigature J E Fletcher Date 9 July A false declaratio ca result i prosecutio

13 7 2 i d i r e c t t a x ( F i a c e A c t ) t u t o r i a l Case Study FA N C Y T H AT LT D C O M P L E T I N g T H E VAT R E T U R N s i t u a t i o Facy That Limited is a wholesaler of facy goods gifts ad cards which are supplied o credit terms to shops i the UK, although a small proportio is sold for cash. Most of the goods are sourced i the UK, but some are imported from Italy ad Spai. Facy That Limited is VAT-registered ad its VAT quarters ru from Jauary to March, April to Jue, July to September ad October to December. Most of the goods sold are stadard-rated, but a few stock lies maily books are zero-rated. As the aual turover of Facy That Ltd is over 100,000, the VAT Retur is submitted olie. It is ow the first week i April. The data for the Jauary-March VAT Retur has bee compiled. You have bee asked to complete the VAT Cotrol Accout ad prepare the olie VAT 100 ready for iput ad authorisatio by Da Brookshaw, Fiace Director. The data is take from the maual accoutig system ad summarised as follows: sales day book summary Zero-rated stadard-rated vat total sales sales sales (stadard-rated) Jauary 2, , , , February 1, , , , March 2, , , , TOTAL 7, , , , purchases day book summary Zero-rated stadard-rated vat total purchases purchases purchases (stadard-rated) Jauary , , , February , , , March , , , TOTAL , , ,020.06

14 t h e V A T R e t u r 7 3 cash books o credit items from mai cash book et vat gross Cash sales (Ja-Mar) 4, , Cash purchases (Ja-Mar) 3, , from petty cash book Expeses (Ja-Mar) additioal iformatio: Facy That s purchases ad expeses i the period i questio are all stadard-rated. EU acquisitios for the period totalled 17,794.03, VAT due is 3, The busiess has issued the followig sales credit otes to its customers: VAT = The busiess has received the followig credit otes from its suppliers: VAT = I Jauary Facy That paid VAT of 4, for the last quarter to HM Reveue & Customs; as the amout cacelled out the balace brought dow i VAT Cotrol Accout, it is igored for the purposes of the curret period VAT calculatios. The accout of Furbo Ltd, a customer, has bee writte off as a bad debt. Bad debt relief of may be claimed o the VAT Retur. The accouts office made a error o a VAT calculatio o a ivoice durig the last VAT quarter: a customer has bee udercharged output tax. Fortuately he has agreed to accept a ivoice for this amout (he ca reclaim it as iput tax ayway). The problem for you is that the last quarter s VAT Retur was short o output tax. This error eeds correctig o the curret VAT Retur. s o l u t i o The data will be etered i the VAT Cotrol Accout i order to calculate the amout of VAT due to HM Reveue & Customs. The summary show at the top of the ext page is ot the way the ledger accout will actually appear i the double-etry system of the busiess, but it is displayed here i summary form to make the etries clearer. The VAT Cotrol Accout Summary shows: totals for iput tax ad output tax ad the source of the figures the calculatio for the VAT due to HM Reveue & Customs for the period Whe the VAT Cotrol Accout has bee checked, the figures ca the be used to work out the totals for the VAT 100 form see the calculatios that follow the accout summary. The data that will be etered o the VAT 100 are show here with a grey backgroud. The first five boxes ivolve VAT amouts ad work out the total amout due to HM Reveue & Customs. Note that pece are omitted i boxes 6, 7 ad 9.

15 7 4 i d i r e c t t a x ( F i a c e A c t ) t u t o r i a l vat cotrol accout summary of etries vat deductible: iput tax vat payable: output tax Purchases Day Book 6, Sales Day Book 11, less credit otes , less credit otes , Cash Book Cash Book Petty Cash Book EU Acquisitios 3, EU Acquisitios 3, Bad debt relief Correctio of error TOTAL INPUT TAX 10, TOTAL OUTPUT TAX 16, less TOTAL INPUT TAX 10, equals VAT DUE 5, data etered i the vat retur box 1 Sales Day Book (adjusted for credit otes) 11, Correctio of error Cash sales , box 2 EU Acquisitios 3, box 3 Box 1 plus Box 2 - automatically calculated olie* 16, box 4 Purchases Day Book (less credit otes) Cash book Petty cash book EU Acquisitios 3, Bad debt relief , box 5 Net VAT due (box 3 less box 4) - automatically calculated* 5, Boxes 6 to 9 deal with sales/purchases before VAT. Note that pece are omitted. box 6 Zero-rated credit sales 7, Stadard-rated credit sales 59, less credit otes (491.50) Cash sales 4, , box 7 Purchases o credit 30, less credit otes (579.21) Cash book 3, Petty cash EU Acquisitios 17, ,021.77

16 t h e V A T R e t u r 7 5 box box 9 EU Acquisitios: 17, * Note that because the VAT Retur is submitted olie Boxes 3 ad 5 will be calculated automatically ad will ot eed to be iput. They are show here for iformatio purposes. Note also that the balace of the VAT Cotrol Accout agrees with (recociles with) the amout of VAT that is due to be paid to HM Reveue & Customs show o the VAT Retur i Box 5. This amout is 5, , ,794.00

17 7 6 i d i r e c t t a x ( F i a c e A c t ) t u t o r i a l d e a d l i e s, p e a lt i e s a d e r r o r r e p o r t i g d e a d l i e s f o r s u b m i s s i o It is importat that a busiess submits the VAT Retur ad makes paymet of VAT due so that HM Reveue & Customs receives it by the due date. If a busiess submits its VAT Retur olie, the due date is ormally a moth ad seve caledar days after the ed of the VAT period whe paymet is made electroically. The aual accoutig scheme is a exceptio to this rule, allowig a two moth period for submissio of the VAT Retur. s u r c h a r g e s f o r l a t e v a t r e t u r s a d v a t p a y m e t s A busiess must submit its VAT Retur ad pay ay VAT by the due date. If HM Reveue & Customs receives the VAT Retur or VAT paymet after the due date, the busiess is i default ad may have to pay a surcharge i additio to the VAT owed. The first time a busiess defaults, it will be set a warig kow as a Surcharge Liability Notice which states that if the busiess pays late agai durig the followig 12 moths kow as the surcharge period the busiess may have to pay a surcharge. This default surcharge is a percetage of the upaid VAT, which iitially will be 2% of the upaid VAT. If the busiess cotiues to make late paymets it will be charged icreasig pealties of 5% cet, 10% ad 15% of the upaid VAT. It is importat that a busiess realises that failure to pay VAT due or pealties that are imposed is a crimial offece ad ca result i prosecutio. e t e r r o r s o v e r t h e l i m i t v o l u t a r y d i s c l o s u r e We have already see that some errors i previous VAT Returs ca be corrected i the curret VAT Retur. If, however, there should be a et error of more tha 10,000 (or over 1% of quarterly turover, subject to a maximum of 50,000), this should be advised to the local VAT Office o Form VAT 652 or i a letter as a volutary disclosure. The details that will eed to be disclosed are: the amout(s) the VAT period i which the error occurred whether the errors ivolved iput or output tax (or both) whether the error was i favour of the busiess or HMRC Failure to disclose errors, however iocet they may be, ca have serious cosequeces. A HM Reveue & Customs ivestigatio could result i a misdeclaratio pealty, which could mea a 15% charge o upaid VAT. No misdeclaratio pealty ca be charged if a volutary disclosure is made.

18 t h e V A T R e t u r 7 7 Chapter Summary It is importat that a busiess maitais accurate ad comprehesive accoutig records, keepig the records for at least six years. They may be eeded for ispectio by HM Reveue & Customs. VAT records that must be kept iclude: copies of sales ivoices origials of purchase ivoices credit otes issued ad received VAT cotrol accout other associated records VAT-registered busiesses may use maual or computerised accoutig systems. The ormal sources of accoutig data for the completio of the VAT Retur are: sales ad purchases day books, ad returs day books (for credit items) cash book ad petty cash book (for o-credit items) This data is compiled i a VAT cotrol accout as follows: vat cotrol accout summary of etries vat deductible (iput tax) vat payable (output tax) Purchases Day Book VAT mothly totals, less ay credit otes received/debit otes issued Cash Book items ot i Purchases Day Book Sales Day Book VAT mothly totals, less credit otes issued/debit otes received Cash Book items ot i Sales Day Book Petty Cash Book VAT o small expeses VAT allowable o EU Acquisitios Correctio of error(s) from previous returs (ot exceedig 10,000 et) VAT due o EU Acquisitios Correctio of error(s) from previous returs (ot exceedig 10,000 et) Bad debt relief = TOTAL TAX DEDUCTIBLE = TOTAL TAX PAYABLE less TOTAL TAX DEDUCTIBLE equals TAX PAYABLE ON VAT RETURN

19 7 8 i d i r e c t t a x ( F i a c e A c t ) t u t o r i a l I additio the VAT cotrol accout will record VAT owig ad paid to HM Reveue & Customs (or VAT owed ad paid by HM Reveue & Customs) but paymets are ot etered o the VAT Retur. The VAT cotrol accout may also be used to make adjustmets for small errors (uder 10,000) o previous VAT Returs ad for Bad Debt Relief which will reimburse for output VAT charged o a debt which has bee writte off. Most VAT Returs ad paymets (if required) are submitted olie by the paymet date idicated by the computer. This date is ormally a moth ad seve days after the ed of the VAT period whe paymet is made electroically. This process should be approved by a authorised perso. The paper-based VAT Retur ad cheque paymet (if required) should be completed ad despatched withi the timescale allowed (ormally a moth from the ed of the VAT period); the VAT 100 should be siged by a authorised perso. Net VAT errors of 10,000 or less (or 1% of quarterly turover, subject to a 50,000 maximum limit) ca be corrected o a subsequet VAT Retur. Errors over these limits should be advised as a volutary disclosure to HM Reveue & Customs i a letter or o Form VAT 652. If a VAT Retur is ot retured withi the stipulated timescale, HM Reveue & Customs will issue a twelve moth surcharge liability otice; a further default withi the twelve moths may result i a default surcharge.

20 t h e V A T R e t u r 7 9 Key Terms vat cotrol accout a cetral accout which collects all the accoutig data eeded for the VAT Retur; it is ot a double-etry accout i the strict sese but more of a collectio poit for data for the VAT Retur bad debt relief a scheme available for ay registered supplier whereby output VAT paid over to HM Reveue & Customs o a debt which has subsequetly (over 6 moths after the due date) goe bad, is reclaimable through the VAT Retur vat retur Form VAT 100 is completed olie or i paper format by VAT-registered suppliers at the ed of each VAT period i order to calculate the amout of VAT due to HM Reveue & Customs or reclaimable from them volutary disclosure disclosure of a et error (over set limits) i VAT calculatios to HM Reveue & Customs by a registered supplier misdeclaratio pealty a pealty imposed o a VAT-registered supplier who is foud by HM Reveue & Customs to have errors ad irregularities i the VAT records surcharge liability otice a otice issued by HM Reveue & Customs to a VAT-registered supplier who has failed to make a VAT Retur withi the stipulated period default surcharge a percetage charge o a amout of upaid VAT

21 8 0 i d i r e c t t a x ( F i a c e A c t ) t u t o r i a l Activities 4.1 A busiess ca use the followig records as a source of iformatio for iput vat to iclude i the VAT Cotrol Accout: (a) sales day book, cash book (paymets side), petty cash book (paymets) (b) purchases day book, cash book (paymets side), petty cash book (paymets) (c) purchases day book, cash book (receipts side), purchases returs day book (d) sales day book, cash book (paymets side), purchases returs day book Which oe of these optios is correct? 4.2 A busiess ca use the followig records as a source of iformatio for output vat to iclude i the VAT Cotrol Accout: (a) sales day book, cash book (receipts side), petty cash book (paymets) (b) purchases day book, cash book (paymets side), purchases returs day book (c) sales day book, cash book (paymets side), purchases returs day book (d) sales day book, cash book (receipts side), sales returs day book Which oe of these optios is correct? 4.3 Busiesses must keep copies of ivoices for all purchases except where they relate to: (a) car parkig charges of 50 or less icludig VAT (b) car parkig charges of 50 or less excludig VAT (c) car parkig charges of 25 or less icludig VAT (d) car parkig charges of 25 or less excludig VAT Which oe of these optios is correct? 4.4 A busiess that has overclaimed iput tax of 120 i error o the last VAT Retur should: (a) add it to the iput tax side of the VAT Cotrol Accout as a error correctio (b) deduct it from the Sales Day Book mothly VAT total i the VAT Cotrol Accout (c) deduct it from the iput tax side of the VAT Cotrol Accout as a error correctio (d) add it to the Bad Debt Relief figure i the VAT Cotrol Accout Which oe of these optios is correct? 4.5 A busiess has writte off a customer accout as a bad debt. The writte-off amout icluded VAT of 48 which has bee accouted for i the last VAT Retur. This amout should be (a) icluded as Bad Debt Relief o the iput tax side of the VAT Cotrol Accout (b) icluded as Bad Debt Relief o the output tax side of the VAT Cotrol Accout (c) icluded as a credit ote to be deducted o the output tax side of the VAT Cotrol Accout (d) icluded as a credit ote to be deducted o the iput tax side of the VAT Cotrol Accout Which oe of these optios is correct?

22 t h e V A T R e t u r You are to costruct VAT cotrol accouts from the VAT figures show below. The figures have bee extracted from the accoutig records of four differet busiesses. I each case esure that you calculate the VAT due or reclaimable for the VAT period. Note: ay VAT payable or reclaimable for the previous period is to be igored. vat figures busiess a busiess b busiess c busiess d Purchases Day Book 2, , , , Sales Day Book 5, , , Credit otes received Credit otes issued Cash book purchases (o-credit) , Cash book sales (o-credit) Petty cash book purchases il EU Acquisitios , il VAT overpaid previous period il il VAT uderpaid previous period il il Bad debt relief il The format show below ca be used to set up the VAT Cotrol Accout. You will eed to calculate the fial amout of VAT due or reclaimable. If the fial total is reclaimable it should be show i brackets. vat deductible (iput tax) vat payable (output tax) Purchases Day Book VAT total, less ay credit otes received/ debit otes issued Cash Book items ot i Purchases Day Book Petty Cash Book VAT o small expeses Acquisitios from EU states Correctios of errors from previous periods (ot exceedig 10,000 et) Bad debt relief Sales Day Book VAT total, less ay credit otes issued/debit otes received Cash Book items ot i Sales Day Book Acquisitios from EU states Correctios of errors from previous periods (ot exceedig 10,000 et) = TOTAL TAX DEDUCTIBLE = TOTAL TAX PAYABLE less TOTAL TAX DEDUCTIBLE equals TAX PAYABLE/(RECLAIMABLE)

23 8 2 i d i r e c t t a x ( F i a c e A c t ) t u t o r i a l 4.7 You work as a assistat i a firm of accoutats ad have bee asked to draw up VAT Returs for four cliets. You have extracted the relevat data from their accoutig records ad have set it out o a spreadsheet show below. You are to calculate the totals for all ie boxes of the four VAT Returs ready for checkig. If you wish, you ca use the table set out o the ext page for eterig the figures. busiess 1 busiess 2 busiess 3 busiess 4 VAT FIgURES EXTRACTED Sales day book 12, , , , Credit otes issued Cash sales 1, Purchases day book 7, , , , Credit otes received Cash purchases , il Petty cash expeses il Bad debt relief il Overpaymet (previous period)* il il Uderpaymet (previous period)** il il EU acquisitios il 3, , NET SALES AND RECEIPTS Zero-rated sales , , , Stadard-rated sales 63, , , , Credit otes issued 1, , Cash sales (stadard-rated) 7, , , , Zero-rated purchases 1, , , Stadard-rated credit purchases 35, , , , Credit otes received , , Cash paymets (stadard-rated) 1, , il Petty cash expeses il EU acquisitios il 18, , ,239.80

24 t h e V A T R e t u r 8 3 Suggested aswer layout for 4.7: VAT Retur Box No. Busiess 1 Busiess 2 Busiess 3 Busiess otes o data o previous page overpaymet ad uderpaymet of vat i previous period * Overpaymet of VAT (previous period) relates to iput VAT ot icluded i the last VAT Retur. ** Uderpaymet of VAT (previous period) relates to output VAT ot icluded i the last VAT Retur.

25 8 4 i d i r e c t t a x ( F i a c e A c t ) t u t o r i a l 4.8 You work for J M Talbot Limited as a accouts assistat ad are required to collect the data for the quarterly olie VAT Retur ad the iput it ready for authorisatio. The followig figures have bee extracted from the compay s accoutig records: UK Sales Date 31 Ja 20-3 Sales day book 195, Feb 20-3 Sales day book 200, Mar 20-3 Sales day book 210, Sales to EC states Date 31 Ja 20-3 Sales day book 25, Feb 20-3 Sales day book 36, Mar 20-3 Sales day book 97, UK Purchases Date 31 Ja 20-3 Purchases day book 120, Feb 20-3 Purchases day book 98, Mar 20-3 Purchases day book 105, VAT: output tax Date 31 Ja 20-3 Sales day book 39, Feb 20-3 Sales day book 40, Mar 20-3 Sales day book 42, VAT: iput tax Date 31 Ja 20-3 Purchases day book 24, Feb 20-3 Purchases day book 19, Mar 20-3 Purchases day book 21, additioal iformatio: There are o credit otes ivolved. There are o imports from or exports to o-ec states. You are advised that i the last VAT Retur the amout of iput tax claimed had bee overstated by You have bee asked to adjust for this error. You are also advised that Bad Debt Relief of ca be claimed i this VAT Retur The date is 8 April The curret VAT rate is 20%.

26 t h e V A T R e t u r 8 5 You are to: (a) Calculate the total iput VAT ad total output VAT for the VAT quarter, makig the appropriate calculatios ad adjustmets. (b) Calculate the amout of VAT due to (or due from) HM Reveue & Customs. (c) Complete boxes 1 to 9 of the VAT Retur (show below) for the quarter eded 31 March VAT due i this period o sales ad other outputs 1 p VAT due i this period o acquisitios from other EC Member States 2 Total VAT due (the sum of boxes 1 ad 2) 3 VAT reclaimed i this period o purchases ad other iputs (icludig acquisitios from the EC) Net VAT to be paid to Customs or reclaimed by you (Differece betwee boxes 3 ad 4) 4 5 Total value of sales ad all other outputs excludig ay VAT. Iclude your box 8 figure. Total value of purchases ad all other iputs excludig ay VAT. Iclude your box 9 figure Total value of all supplies of goods ad related services, excludig ay VAT, to other EC Member States. Total value of all acquisitios of goods ad related services, excludig ay VAT, from other EC Member States

Sole trader financial statements

Sole trader financial statements 3 Sole trader fiacial statemets this chapter covers... I this chapter we look at preparig the year ed fiacial statemets of sole traders (that is, oe perso ruig their ow busiess). We preset the fiacial

More information

How To Get A Kukandruk Studetfiace

How To Get A Kukandruk Studetfiace Curret Year Icome Assessmet Form Academic Year 2015/16 Persoal details Perso 1 Your Customer Referece Number Your Customer Referece Number Name Name Date of birth Address / / Date of birth / / Address

More information

I apply to subscribe for a Stocks & Shares ISA for the tax year 20 /20 and each subsequent year until further notice.

I apply to subscribe for a Stocks & Shares ISA for the tax year 20 /20 and each subsequent year until further notice. IFSL Brooks Macdoald Fud Stocks & Shares ISA Trasfer Applicatio Form IFSL Brooks Macdoald Fud Stocks & Shares ISA Trasfer Applicatio Form Please complete usig BLOCK CAPITALS ad retur the completed form

More information

Income from property

Income from property 2 Icome from property this chapter covers... I this chapter we will examie how icome from reted UK property is taxed. We will start by examiig what exactly is covered by the rules that we eed to lear,

More information

I apply to subscribe for a Stocks & Shares NISA for the tax year 2015/2016 and each subsequent year until further notice.

I apply to subscribe for a Stocks & Shares NISA for the tax year 2015/2016 and each subsequent year until further notice. IFSL Brooks Macdoald Fud Stocks & Shares NISA trasfer applicatio form IFSL Brooks Macdoald Fud Stocks & Shares NISA trasfer applicatio form Please complete usig BLOCK CAPITALS ad retur the completed form

More information

A Guide to the Pricing Conventions of SFE Interest Rate Products

A Guide to the Pricing Conventions of SFE Interest Rate Products A Guide to the Pricig Covetios of SFE Iterest Rate Products SFE 30 Day Iterbak Cash Rate Futures Physical 90 Day Bak Bills SFE 90 Day Bak Bill Futures SFE 90 Day Bak Bill Futures Tick Value Calculatios

More information

CHAPTER 11 Financial mathematics

CHAPTER 11 Financial mathematics CHAPTER 11 Fiacial mathematics I this chapter you will: Calculate iterest usig the simple iterest formula ( ) Use the simple iterest formula to calculate the pricipal (P) Use the simple iterest formula

More information

Corporation tax trading profits

Corporation tax trading profits 2 Corporatio tax tradig profits this chapter covers... I this chapter we provide a brief review of the Corporatio Tax computatio, ad examie the step by step procedures for compilig the computatio, before

More information

How to use what you OWN to reduce what you OWE

How to use what you OWN to reduce what you OWE How to use what you OWN to reduce what you OWE Maulife Oe A Overview Most Caadias maage their fiaces by doig two thigs: 1. Depositig their icome ad other short-term assets ito chequig ad savigs accouts.

More information

CHAPTER 3 THE TIME VALUE OF MONEY

CHAPTER 3 THE TIME VALUE OF MONEY CHAPTER 3 THE TIME VALUE OF MONEY OVERVIEW A dollar i the had today is worth more tha a dollar to be received i the future because, if you had it ow, you could ivest that dollar ad ear iterest. Of all

More information

PFF2 2015/16. Assessment of Financial Circumstances For parents and partners of students. /SFEngland. /SF_England SFE/PFF2/1516/B

PFF2 2015/16. Assessment of Financial Circumstances For parents and partners of students. /SFEngland. /SF_England SFE/PFF2/1516/B PFF2 2015/16 Assessmet of Fiacial Circumstaces For parets ad parters of studets SFE/PFF2/1516/B /SF_Eglad /SFEglad Who should complete this form? Complete this form if you are: The studet s atural or adoptive

More information

Statement of cash flows

Statement of cash flows 6 Statemet of cash flows this chapter covers... I this chapter we study the statemet of cash flows, which liks profit from the statemet of profit or loss ad other comprehesive icome with chages i assets

More information

Baan Finance Accounts Payable

Baan Finance Accounts Payable Baa Fiace Accouts Payable Module Procedure UP035A US Documetiformatio Documet Documet code : UP035A US Documet group : User Documetatio Documet title : Accouts Payable Applicatio/Package : Baa Fiace Editio

More information

Amendments to employer debt Regulations

Amendments to employer debt Regulations March 2008 Pesios Legal Alert Amedmets to employer debt Regulatios The Govermet has at last issued Regulatios which will amed the law as to employer debts uder s75 Pesios Act 1995. The amedig Regulatios

More information

INVESTMENT PERFORMANCE COUNCIL (IPC)

INVESTMENT PERFORMANCE COUNCIL (IPC) INVESTMENT PEFOMANCE COUNCIL (IPC) INVITATION TO COMMENT: Global Ivestmet Performace Stadards (GIPS ) Guidace Statemet o Calculatio Methodology The Associatio for Ivestmet Maagemet ad esearch (AIM) seeks

More information

Savings and Retirement Benefits

Savings and Retirement Benefits 60 Baltimore Couty Public Schools offers you several ways to begi savig moey through payroll deductios. Defied Beefit Pesio Pla Tax Sheltered Auities ad Custodial Accouts Defied Beefit Pesio Pla Did you

More information

PENSION ANNUITY. Policy Conditions Document reference: PPAS1(7) This is an important document. Please keep it in a safe place.

PENSION ANNUITY. Policy Conditions Document reference: PPAS1(7) This is an important document. Please keep it in a safe place. PENSION ANNUITY Policy Coditios Documet referece: PPAS1(7) This is a importat documet. Please keep it i a safe place. Pesio Auity Policy Coditios Welcome to LV=, ad thak you for choosig our Pesio Auity.

More information

About our services and costs

About our services and costs About our services ad costs Cotets Whose products do we offer 2 Ivestmet 2 Isurace 2 Mortgages 2 Which services will we provide you with? 3 Ivestmet 3 Isurace 3 Mortgages 3 What will you have to pay us

More information

Best of security and convenience

Best of security and convenience Get More with Additioal Cardholders. Importat iformatio. Add a co-applicat or authorized user to your accout ad you ca take advatage of the followig beefits: RBC Royal Bak Visa Customer Service Cosolidate

More information

Information about Bankruptcy

Information about Bankruptcy Iformatio about Bakruptcy Isolvecy Service of Irelad Seirbhís Dócmhaieachta a héirea Isolvecy Service of Irelad Seirbhís Dócmhaieachta a héirea What is the? The Isolvecy Service of Irelad () is a idepedet

More information

Baan Service Master Data Management

Baan Service Master Data Management Baa Service Master Data Maagemet Module Procedure UP069A US Documetiformatio Documet Documet code : UP069A US Documet group : User Documetatio Documet title : Master Data Maagemet Applicatio/Package :

More information

Death Beefits from Pacific Life

Death Beefits from Pacific Life Ehace Your Fiacial Legacy Variable Auities with Death Beefits from Pacific Life 9/15 20188-15C FOR CALIFORNIA As You Pla for Retiremet, Protect Your Loved Oes A Pacific Life variable auity ca offer three

More information

PAYG instalments how to complete your activity statement

PAYG instalments how to complete your activity statement Istructios for busiesses ad ivestors PAYG istalmets how to complete your activity statemet For more iformatio visit www.ato.gov.au NAT 7393-11.2012 Our commitmet to you We are committed to providig you

More information

For customers Key features of the Guaranteed Pension Annuity

For customers Key features of the Guaranteed Pension Annuity For customers Key features of the Guarateed Pesio Auity The Fiacial Coduct Authority is a fiacial services regulator. It requires us, Aego, to give you this importat iformatio to help you to decide whether

More information

MainStay Funds IRA/SEP/Roth IRA Distribution Form

MainStay Funds IRA/SEP/Roth IRA Distribution Form MaiStay Fuds IRA/SEP/Roth IRA Distributio Form Do ot use for IRA Trasfers or SIMPLE IRA INSTRUCTIONS Before completig this form, please refer to the applicable Custodial Agreemet ad Disclosure Statemet

More information

BUY TO LET MORTGAGE APPLICATION FORM

BUY TO LET MORTGAGE APPLICATION FORM BUY TO LET MORTGAGE APPLICATION FORM STAGE 2 OF 2 Please submit Stage 2 form to upgrade to full applicatio oce customer has read ad accepted the Mortgage Illustratio. Please complete this page if form

More information

In addition to information provided under the regular headings, this issue of Tax Briefing contains:

In addition to information provided under the regular headings, this issue of Tax Briefing contains: Tax Briefig ISSUE 11 - July 1993 Itroductio I additio to iformatio provided uder the regular headigs, this issue of Tax Briefig cotais: Prelimiary iformatio regardig the Amesty - see opposite A summary

More information

INVESTMENT PERFORMANCE COUNCIL (IPC) Guidance Statement on Calculation Methodology

INVESTMENT PERFORMANCE COUNCIL (IPC) Guidance Statement on Calculation Methodology Adoptio Date: 4 March 2004 Effective Date: 1 Jue 2004 Retroactive Applicatio: No Public Commet Period: Aug Nov 2002 INVESTMENT PERFORMANCE COUNCIL (IPC) Preface Guidace Statemet o Calculatio Methodology

More information

Revised Special Terms & Conditions

Revised Special Terms & Conditions Call: 0191 505 0033* Lies are ope betwee 9am to 6pm Moday to Friday (excludig UK bak holidays) Email us: customerservice@highyieldaccout.co.uk** Write to us: High Yield Vaquis Bak, Freepost RSGY-CKJA-BKCS,

More information

5.4 Amortization. Question 1: How do you find the present value of an annuity? Question 2: How is a loan amortized?

5.4 Amortization. Question 1: How do you find the present value of an annuity? Question 2: How is a loan amortized? 5.4 Amortizatio Questio 1: How do you fid the preset value of a auity? Questio 2: How is a loa amortized? Questio 3: How do you make a amortizatio table? Oe of the most commo fiacial istrumets a perso

More information

Comparing Credit Card Finance Charges

Comparing Credit Card Finance Charges Comparig Credit Card Fiace Charges Comparig Credit Card Fiace Charges Decidig if a particular credit card is right for you ivolves uderstadig what it costs ad what it offers you i retur. To determie how

More information

INDEPENDENT BUSINESS PLAN EVENT 2016

INDEPENDENT BUSINESS PLAN EVENT 2016 INDEPENDENT BUSINESS PLAN EVENT 2016 The Idepedet Busiess Pla Evet ivolves the developmet of a comprehesive proposal to start a ew busiess. Ay type of busiess may be used. The Idepedet Busiess Pla Evet

More information

Enhance Your Financial Legacy Variable Annuity Death Benefits from Pacific Life

Enhance Your Financial Legacy Variable Annuity Death Benefits from Pacific Life Ehace Your Fiacial Legacy Variable Auity Death Beefits from Pacific Life 7/15 20172-15B As You Pla for Retiremet, Protect Your Loved Oes A Pacific Life variable auity ca offer three death beefits that

More information

Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited Bajaj Alliaz Geeral Isurace Compay Limited Regd. Office & Head Office : GE Plaza, Airport Road, Yerawada, Pue - 411 006. PROPOSAL FORM FOR OFFICE COVER Importat : This proposal for isurace will be the

More information

2 Time Value of Money

2 Time Value of Money 2 Time Value of Moey BASIC CONCEPTS AND FORMULAE 1. Time Value of Moey It meas moey has time value. A rupee today is more valuable tha a rupee a year hece. We use rate of iterest to express the time value

More information

FI A CIAL MATHEMATICS

FI A CIAL MATHEMATICS CHAPTER 7 FI A CIAL MATHEMATICS Page Cotets 7.1 Compoud Value 117 7.2 Compoud Value of a Auity 118 7.3 Sikig Fuds 119 7.4 Preset Value 122 7.5 Preset Value of a Auity 122 7.6 Term Loas ad Amortizatio 123

More information

A GUIDE TO BUILDING SMART BUSINESS CREDIT

A GUIDE TO BUILDING SMART BUSINESS CREDIT A GUIDE TO BUILDING SMART BUSINESS CREDIT Establishig busiess credit ca be the key to growig your compay DID YOU KNOW? Busiess Credit ca help grow your busiess Soud paymet practices are key to a solid

More information

Evidence requirements guide June 2016

Evidence requirements guide June 2016 INTERMEDIARIES & INVESTMENT PROFESSIONALS ONLY: NOT FOR PUBLIC DISTRIBUTION Page1of6 Evidece requiremets guide Jue 2016 The followig tables show our stadard documetatio requiremets for evidece. Sectio

More information

CDs Bought at a Bank verses CD s Bought from a Brokerage. Floyd Vest

CDs Bought at a Bank verses CD s Bought from a Brokerage. Floyd Vest CDs Bought at a Bak verses CD s Bought from a Brokerage Floyd Vest CDs bought at a bak. CD stads for Certificate of Deposit with the CD origiatig i a FDIC isured bak so that the CD is isured by the Uited

More information

Chapter 5 Unit 1. IET 350 Engineering Economics. Learning Objectives Chapter 5. Learning Objectives Unit 1. Annual Amount and Gradient Functions

Chapter 5 Unit 1. IET 350 Engineering Economics. Learning Objectives Chapter 5. Learning Objectives Unit 1. Annual Amount and Gradient Functions Chapter 5 Uit Aual Amout ad Gradiet Fuctios IET 350 Egieerig Ecoomics Learig Objectives Chapter 5 Upo completio of this chapter you should uderstad: Calculatig future values from aual amouts. Calculatig

More information

auction a guide to buying at Commercial

auction a guide to buying at Commercial Commercial a guide to buyig at auctio Allsop is the market leader from commercial ad residetial auctios i the UK Aually sells aroud 700 millio of property at auctio Holds six commercial ad seve residetial

More information

There s Wealth in Our Approach.

There s Wealth in Our Approach. Electroic Fud Trasfers/ Automated Clearig House Services There s Wealth i Our Approach. A divisio of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC. Electroic Fud Trasfers/Automated Clearig House Services

More information

Introducing Your New Wells Fargo Trust and Investment Statement. Your Account Information Simply Stated.

Introducing Your New Wells Fargo Trust and Investment Statement. Your Account Information Simply Stated. Itroducig Your New Wells Fargo Trust ad Ivestmet Statemet. Your Accout Iformatio Simply Stated. We are pleased to itroduce your ew easy-to-read statemet. It provides a overview of your accout ad a complete

More information

Internal control systems and fraud

Internal control systems and fraud 3 Iteral cotrol systems ad fraud this chapter covers... This chapter starts where the last chapter fiished, by dealig with the exteral regulatios that affect accoutig practice. Some of these are required

More information

e-trader user guide Introduction

e-trader user guide Introduction User guide e-trader user guide Itroductio At UK Geeral our aim is to provide you with the best possible propositio for you ad your customers. We believe i offerig brokers a choice of how they trade with

More information

Basic Current Account

Basic Current Account Curret Accouts Basic Curret Accout Applicatio form Please fill i the form usig BLOCK CAPITALS ad black ik. Tick ay boxes which apply. Satader is able to provide literature i alterative formats. The formats

More information

auction a guide to buying at Residential

auction a guide to buying at Residential Residetial a guide to buyig at auctio Allsop is the market leader for residetial ad commercial auctios i the UK Aually sells approximately 1 billio of property at auctio i the UK Holds at least seve residetial

More information

France caters to innovative companies and offers the best research tax credit in Europe

France caters to innovative companies and offers the best research tax credit in Europe 1/5 The Frech Govermet has three objectives : > improve Frace s fiscal competitiveess > cosolidate R&D activities > make Frace a attractive coutry for iovatio Tax icetives have become a key elemet of public

More information

Mathematical goals. Starting points. Materials required. Time needed

Mathematical goals. Starting points. Materials required. Time needed Level A1 of challege: C A1 Mathematical goals Startig poits Materials required Time eeded Iterpretig algebraic expressios To help learers to: traslate betwee words, symbols, tables, ad area represetatios

More information

FM4 CREDIT AND BORROWING

FM4 CREDIT AND BORROWING FM4 CREDIT AND BORROWING Whe you purchase big ticket items such as cars, boats, televisios ad the like, retailers ad fiacial istitutios have various terms ad coditios that are implemeted for the cosumer

More information

Working with numbers

Working with numbers 4 Workig with umbers this chapter covers... This chapter is a practical guide showig you how to carry out the types of basic calculatio that you are likely to ecouter whe workig i accoutig ad fiace. The

More information

Financial. Services Guide. Adviser: Graeme Hood CD, Dip FP, CFP Date of Preparation: 21/11/2005. Head Office Address:

Financial. Services Guide. Adviser: Graeme Hood CD, Dip FP, CFP Date of Preparation: 21/11/2005. Head Office Address: Fiacial Services Guide Adviser: Graeme Hood CD, Dip FP, CFP Date of Preparatio: 21/11/2005 Head Office Address: Fiacial Wisdom Limited (ABN 70 006 646 108) Australia Fiacial Services Licece No. 231138

More information

summary of cover CONTRACT WORKS INSURANCE

summary of cover CONTRACT WORKS INSURANCE 1 SUMMARY OF COVER CONTRACT WORKS summary of cover CONTRACT WORKS INSURANCE This documet details the cover we ca provide for our commercial or church policyholders whe udertakig buildig or reovatio works.

More information

SECTION 1.5 : SUMMATION NOTATION + WORK WITH SEQUENCES

SECTION 1.5 : SUMMATION NOTATION + WORK WITH SEQUENCES SECTION 1.5 : SUMMATION NOTATION + WORK WITH SEQUENCES Read Sectio 1.5 (pages 5 9) Overview I Sectio 1.5 we lear to work with summatio otatio ad formulas. We will also itroduce a brief overview of sequeces,

More information

Checking Accounts and Banking Services

Checking Accounts and Banking Services Chapter 9 Checkig Accouts ad Bakig Services 9.1 Checkig Accouts 9.2 Bakig Services ad Fees Cosider THIS Rochelle works part time after school ad oe weeked a moth. She receives a paycheck oce a week from

More information

*The most important feature of MRP as compared with ordinary inventory control analysis is its time phasing feature.

*The most important feature of MRP as compared with ordinary inventory control analysis is its time phasing feature. Itegrated Productio ad Ivetory Cotrol System MRP ad MRP II Framework of Maufacturig System Ivetory cotrol, productio schedulig, capacity plaig ad fiacial ad busiess decisios i a productio system are iterrelated.

More information

For customers Income protection the facts

For customers Income protection the facts For customers Icome protectio the facts We ve desiged this documet to give you more iformatio about our icome protectio beefits. It does t form part of ay cotract betwee you ad/or us. This iformatio refers

More information

CCH Accountants Starter Pack

CCH Accountants Starter Pack CCH Accoutats Starter Pack We may be a bit smaller, but fudametally we re o differet to ay other accoutig practice. Util ow, smaller firms have faced a stark choice: Buy cheaply, kowig that the practice

More information

I. Why is there a time value to money (TVM)?

I. Why is there a time value to money (TVM)? Itroductio to the Time Value of Moey Lecture Outlie I. Why is there the cocept of time value? II. Sigle cash flows over multiple periods III. Groups of cash flows IV. Warigs o doig time value calculatios

More information

Flexible Trust. (Settlor as trustee with optional survivorship clause) Your questions answered. What is a trust? What is a Flexible Trust?

Flexible Trust. (Settlor as trustee with optional survivorship clause) Your questions answered. What is a trust? What is a Flexible Trust? Flexible Trust (Settl as trustee with optioal survivship clause) Your questios aswered Uderstadig trusts ad their implicatios ca be pretty complicated. You should always get advice from your legal adviser

More information

Time Value of Money. First some technical stuff. HP10B II users

Time Value of Money. First some technical stuff. HP10B II users Time Value of Moey Basis for the course Power of compoud iterest $3,600 each year ito a 401(k) pla yields $2,390,000 i 40 years First some techical stuff You will use your fiacial calculator i every sigle

More information

PUBLIC RELATIONS PROJECT 2016

PUBLIC RELATIONS PROJECT 2016 PUBLIC RELATIONS PROJECT 2016 The purpose of the Public Relatios Project is to provide a opportuity for the chapter members to demostrate the kowledge ad skills eeded i plaig, orgaizig, implemetig ad evaluatig

More information

1 Computing the Standard Deviation of Sample Means

1 Computing the Standard Deviation of Sample Means Computig the Stadard Deviatio of Sample Meas Quality cotrol charts are based o sample meas ot o idividual values withi a sample. A sample is a group of items, which are cosidered all together for our aalysis.

More information

Confidence Intervals for One Mean

Confidence Intervals for One Mean Chapter 420 Cofidece Itervals for Oe Mea Itroductio This routie calculates the sample size ecessary to achieve a specified distace from the mea to the cofidece limit(s) at a stated cofidece level for a

More information

CCH Accounts Production

CCH Accounts Production CCH Accouts Productio accouts productio facig today s challeges Preparig statutory ad fiacial accouts is a core activity for our practice, as it is for may professioal firms. Although legislatio ad accoutig

More information

ODBC. Getting Started With Sage Timberline Office ODBC

ODBC. Getting Started With Sage Timberline Office ODBC ODBC Gettig Started With Sage Timberlie Office ODBC NOTICE This documet ad the Sage Timberlie Office software may be used oly i accordace with the accompayig Sage Timberlie Office Ed User Licese Agreemet.

More information

1 Correlation and Regression Analysis

1 Correlation and Regression Analysis 1 Correlatio ad Regressio Aalysis I this sectio we will be ivestigatig the relatioship betwee two cotiuous variable, such as height ad weight, the cocetratio of a ijected drug ad heart rate, or the cosumptio

More information

Investing in Stocks WHAT ARE THE DIFFERENT CLASSIFICATIONS OF STOCKS? WHY INVEST IN STOCKS? CAN YOU LOSE MONEY?

Investing in Stocks WHAT ARE THE DIFFERENT CLASSIFICATIONS OF STOCKS? WHY INVEST IN STOCKS? CAN YOU LOSE MONEY? Ivestig i Stocks Ivestig i Stocks Busiesses sell shares of stock to ivestors as a way to raise moey to fiace expasio, pay off debt ad provide operatig capital. Ecoomic coditios: Employmet, iflatio, ivetory

More information

Lesson 17 Pearson s Correlation Coefficient

Lesson 17 Pearson s Correlation Coefficient Outlie Measures of Relatioships Pearso s Correlatio Coefficiet (r) -types of data -scatter plots -measure of directio -measure of stregth Computatio -covariatio of X ad Y -uique variatio i X ad Y -measurig

More information

Get advice now. Are you worried about your mortgage? New edition

Get advice now. Are you worried about your mortgage? New edition New editio Jauary 2009 Are you worried about your mortgage? Get advice ow If you are strugglig to pay your mortgage, or you thik it will be difficult to pay more whe your fixed-rate deal eds, act ow to

More information

Definition. A variable X that takes on values X 1, X 2, X 3,...X k with respective frequencies f 1, f 2, f 3,...f k has mean

Definition. A variable X that takes on values X 1, X 2, X 3,...X k with respective frequencies f 1, f 2, f 3,...f k has mean 1 Social Studies 201 October 13, 2004 Note: The examples i these otes may be differet tha used i class. However, the examples are similar ad the methods used are idetical to what was preseted i class.

More information

Simple Annuities Present Value.

Simple Annuities Present Value. Simple Auities Preset Value. OBJECTIVES (i) To uderstad the uderlyig priciple of a preset value auity. (ii) To use a CASIO CFX-9850GB PLUS to efficietly compute values associated with preset value auities.

More information

How to set up your GMC Online account

How to set up your GMC Online account How to set up your GMC Olie accout Mai title Itroductio GMC Olie is a secure part of our website that allows you to maage your registratio with us. Over 100,000 doctors already use GMC Olie. We wat every

More information

.04. This means $1000 is multiplied by 1.02 five times, once for each of the remaining sixmonth

.04. This means $1000 is multiplied by 1.02 five times, once for each of the remaining sixmonth Questio 1: What is a ordiary auity? Let s look at a ordiary auity that is certai ad simple. By this, we mea a auity over a fixed term whose paymet period matches the iterest coversio period. Additioally,

More information

Computershare Investment Plan. Best Buy Co., Inc. Common Stock

Computershare Investment Plan. Best Buy Co., Inc. Common Stock Computershare Ivestmet Pla A Direct Stock Purchase ad Divided Reivestmet Pla for Best Buy Co., Ic. Commo Stock Best Buy Co., Ic. is listed o the New York Stock Exchage (Tradig Symbol BBY, CUSIP 086516101)

More information

Personal Retirement Savings Accounts (PRSAs) A consumer and employers guide to PRSAs

Personal Retirement Savings Accounts (PRSAs) A consumer and employers guide to PRSAs Persoal Retiremet Savigs Accouts (PRSAs) A cosumer ad employers guide to PRSAs www.pesiosauthority.ie The Pesios Authority Verschoyle House 28/30 Lower Mout Street Dubli 2 Tel: (01) 613 1900 Locall: 1890

More information

Engineering Data Management

Engineering Data Management BaaERP 5.0c Maufacturig Egieerig Data Maagemet Module Procedure UP128A US Documetiformatio Documet Documet code : UP128A US Documet group : User Documetatio Documet title : Egieerig Data Maagemet Applicatio/Package

More information

CHAPTER 3 DIGITAL CODING OF SIGNALS

CHAPTER 3 DIGITAL CODING OF SIGNALS CHAPTER 3 DIGITAL CODING OF SIGNALS Computers are ofte used to automate the recordig of measuremets. The trasducers ad sigal coditioig circuits produce a voltage sigal that is proportioal to a quatity

More information

THE ARITHMETIC OF INTEGERS. - multiplication, exponentiation, division, addition, and subtraction

THE ARITHMETIC OF INTEGERS. - multiplication, exponentiation, division, addition, and subtraction THE ARITHMETIC OF INTEGERS - multiplicatio, expoetiatio, divisio, additio, ad subtractio What to do ad what ot to do. THE INTEGERS Recall that a iteger is oe of the whole umbers, which may be either positive,

More information

Handling. Collection Calls

Handling. Collection Calls Hadlig the Collectio Calls We do everythig we ca to stop collectio calls; however, i the early part of our represetatio, you ca expect some of these calls to cotiue. We uderstad that the first few moths

More information

Hypergeometric Distributions

Hypergeometric Distributions 7.4 Hypergeometric Distributios Whe choosig the startig lie-up for a game, a coach obviously has to choose a differet player for each positio. Similarly, whe a uio elects delegates for a covetio or you

More information

CREATIVE MARKETING PROJECT 2016

CREATIVE MARKETING PROJECT 2016 CREATIVE MARKETING PROJECT 2016 The Creative Marketig Project is a chapter project that develops i chapter members a aalytical ad creative approach to the marketig process, actively egages chapter members

More information

PUBLIC RELATIONS PROJECT 2015

PUBLIC RELATIONS PROJECT 2015 PUBLIC RELATIONS PROJECT 2015 Supported by MARKETING The purpose of the Public Relatios Project is to provide a opportuity for the chapter members to demostrate the kowledge ad skills eeded i plaig, orgaizig,

More information

In nite Sequences. Dr. Philippe B. Laval Kennesaw State University. October 9, 2008

In nite Sequences. Dr. Philippe B. Laval Kennesaw State University. October 9, 2008 I ite Sequeces Dr. Philippe B. Laval Keesaw State Uiversity October 9, 2008 Abstract This had out is a itroductio to i ite sequeces. mai de itios ad presets some elemetary results. It gives the I ite Sequeces

More information

Shareholder Information Brochure

Shareholder Information Brochure The Ivestor Service ad Automatic Divided Reivestmet Program for Shareholders of Johso & Johso Shareholder Iformatio Brochure The Program is sposored ad admiistered by Computershare Trust Compay, N.A.,

More information

APPLICATION FORM. Henderson Investment Funds. Valid from 11 May 2015. SECTION 1 About yourself

APPLICATION FORM. Henderson Investment Funds. Valid from 11 May 2015. SECTION 1 About yourself Hederso Ivestmet Fuds APPLICATION FORM Valid from 11 May 2015 You should use this form if you wish to ivest i the Hederso Ivestmet Fuds rage. Further iformatio is cotaied i the Prospectus, the Additioal

More information

Art & Private Client insurance policy SUMMARY OF COVER

Art & Private Client insurance policy SUMMARY OF COVER Art & Private Cliet isurace policy SUMMARY OF COVER 2 SUMMARY OF COVER DIOCESAN SCHOOLS LEGAL EXPENSES INSURANCE ART AND PRIVATE CLIENT POLICY SUMMARY SUMMARY OF COVER 3 Policy ref: ME773 1 07/16 What

More information

auction a guide to selling at Residential

auction a guide to selling at Residential Residetial a guide to sellig at auctio Allsop is the market leader for residetial ad commercial auctios i the UK Aually sells up to 700 millio of property at auctio Holds at least seve residetial ad six

More information

Pre-Suit Collection Strategies

Pre-Suit Collection Strategies Pre-Suit Collectio Strategies Writte by Charles PT Phoeix How to Decide Whether to Pursue Collectio Calculatig the Value of Collectio As with ay busiess litigatio, all factors associated with the process

More information

Math C067 Sampling Distributions

Math C067 Sampling Distributions Math C067 Samplig Distributios Sample Mea ad Sample Proportio Richard Beigel Some time betwee April 16, 2007 ad April 16, 2007 Examples of Samplig A pollster may try to estimate the proportio of voters

More information

Now here is the important step

Now here is the important step LINEST i Excel The Excel spreadsheet fuctio "liest" is a complete liear least squares curve fittig routie that produces ucertaity estimates for the fit values. There are two ways to access the "liest"

More information

RISK TRANSFER FOR DESIGN-BUILD TEAMS

RISK TRANSFER FOR DESIGN-BUILD TEAMS WILLIS CONSTRUCTION PRACTICE I-BEAM Jauary 2010 www.willis.com RISK TRANSFER FOR DESIGN-BUILD TEAMS Desig-builD work is icreasig each quarter. cosequetly, we are fieldig more iquiries from cliets regardig

More information

Basic Elements of Arithmetic Sequences and Series

Basic Elements of Arithmetic Sequences and Series MA40S PRE-CALCULUS UNIT G GEOMETRIC SEQUENCES CLASS NOTES (COMPLETED NO NEED TO COPY NOTES FROM OVERHEAD) Basic Elemets of Arithmetic Sequeces ad Series Objective: To establish basic elemets of arithmetic

More information

BENEFIT-COST ANALYSIS Financial and Economic Appraisal using Spreadsheets

BENEFIT-COST ANALYSIS Financial and Economic Appraisal using Spreadsheets BENEIT-CST ANALYSIS iacial ad Ecoomic Appraisal usig Spreadsheets Ch. 2: Ivestmet Appraisal - Priciples Harry Campbell & Richard Brow School of Ecoomics The Uiversity of Queeslad Review of basic cocepts

More information

Direct Online Mortgage application

Direct Online Mortgage application Virgi Moey plc Direct Olie Mortgage applicatio Welcome to Virgi Moey plc. Thak you for choosig a mortgage with us. I this applicatio form, refereces to we, us ad our are refereces to Virgi Moey plc ad

More information

How to read A Mutual Fund shareholder report

How to read A Mutual Fund shareholder report Ivestor BulletI How to read A Mutual Fud shareholder report The SEC s Office of Ivestor Educatio ad Advocacy is issuig this Ivestor Bulleti to educate idividual ivestors about mutual fud shareholder reports.

More information

Flood Emergency Response Plan

Flood Emergency Response Plan Flood Emergecy Respose Pla This reprit is made available for iformatioal purposes oly i support of the isurace relatioship betwee FM Global ad its cliets. This iformatio does ot chage or supplemet policy

More information

Health and dental coverage that begins when your group health benefits end

Health and dental coverage that begins when your group health benefits end Health ad detal coverage that begis whe your group health beefits ed Uderwritte by The Maufacturers Life Isurace Compay Page 1 of 5 FollowMeTM Health ca be your solutio. Life is full of chages. Some are

More information

Confidence Intervals. CI for a population mean (σ is known and n > 30 or the variable is normally distributed in the.

Confidence Intervals. CI for a population mean (σ is known and n > 30 or the variable is normally distributed in the. Cofidece Itervals A cofidece iterval is a iterval whose purpose is to estimate a parameter (a umber that could, i theory, be calculated from the populatio, if measuremets were available for the whole populatio).

More information

Domain 1: Designing a SQL Server Instance and a Database Solution

Domain 1: Designing a SQL Server Instance and a Database Solution Maual SQL Server 2008 Desig, Optimize ad Maitai (70-450) 1-800-418-6789 Domai 1: Desigig a SQL Server Istace ad a Database Solutio Desigig for CPU, Memory ad Storage Capacity Requiremets Whe desigig a

More information