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Output Tax

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Output Tax

What is Output Tax?

Output Tax is the VAT charged on supplies made by the County Council. It is part of the income received from customers that has to be paid over to HMRC.
Supplies to:

  • Other Local Authorities
  • Former County Council departments which have become externalised for example  Bruton Knowles, Babtie
  • Parent Teacher Associations
  • Friends of ...........
  • School Funds & Clubs

are all subject to the normal VAT rules.

Coding Income

The following codes are to be used for the classification of income in SAP:


AX

Standard Rated 

20%

AL

Lower Rated

5%

AZ

Zero Rated

0%

AE

Exempt

 

AO

Outside the Scope

 

The VAT element of any income should be coded to the following general ledger code:
ZV9901 - VAT Collected
ZV9902 - VAT Only

Issuing a VAT Receipt

VAT receipts need only be issued when asked for. A blank VAT receipt is provided for this purpose. You must insert your address, date and give the receipt  a unique number and enter the net amount, VAT and the total income received.

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