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VAT charged to customers?

english4490 · 2010-01-18 20:22:16

just looking at a set of company accounts and i was wondering is the amount of of VAT that customers are charged included in the turnover/revenues figure? thanks!

18-01-2010 8:22pm

#1

english4490

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just looking at a set of company accounts and i was wondering is the amount of of VAT that customers are charged included in the turnover/revenues figure?
thanks!

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#2 18-01-2010 9:57pm

Mr. Incognito

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Not in corporation accounts no, they will have a separate VAT account.

Most VAT registered companies are VAT neutral anyway. i.e they can reclaim VAT they are charged and pass on the VAT charged to Revenue so VAT doesn't really make a difference to their company accounts -it's not their money.

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