RE: FN-FORUM Re: Vat on Quotes

date posted 31st January 2003 16:19

> Just a quick question along the lines of this, but if I
> receive an invoice for goods purchased for my business, when
> I deduct the cost of the goods from my Income tax bill I
> assume I include the total including VAT? Correct?

Spot on. Unless, of course, you are VAT registered, in which case you
reclaim the VAT amount from HMC&E and the exc-VAT amount is the relevant
amount to deduct in your income tax computation.

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