Using Figurewizard - VAT

All values entered into the Figurewizard forms are made excluding VAT, except for company cars. Our system calculates all VAT transactions.

Calculating VAT

When entering your figures into the Figurewizard form you do not include VAT, with one exception - company cars, for reasons stated below.

Our system automatically calculates all VAT transactions. If there is a change in the rate of VAT at any time the values for VAT will change in line with the appropriate months.

Company Cars and VAT

VAT in respect of company cars cannot be reclaimed in the UK which is why these are entered including VAT. That applies to both their purchases and sales. This does not apply to delivery vans, trucks and other commercial vehicles as these are regarded as main pool assets for which VAT is reclaimable.

Import VAT

Imports from outside the EU are subject to VAT upon entry into the UK. You may however apply for a concession from HMRC by which it is possible to defer the VAT charge for one month.

This is known as a "duty deferment account". Figurewizard cash flow forecasts always assume this to be the case. Payments to HMRC under a duty deferment account are shown monthly as a separate item in the revenue forecast of the budgeted bank and cash flow forecast that Figurewizard automatically calculates from your figures.

Corporation Tax and Marginal Relief From 2023 Deferred Income Explained What is a Monthly Cash Flow Forecast What is Pretax Profit How does a balance sheet balance? Lockdown Recovery: Forecasting Profits, Cash and Finance. How to Apply for Business Interruption Scheme with Figurewizard How to calculate liquidity and short-term liquidity How to calculate markup and margin The Truth about Monarch Airlines Labour's Spending over 10 years from 2000 How to make profits and not run out of cash Credit Checking - How to Read Micro or Short Form Accounts Amortisation of Arrangement Fees for Long Term Loans BHS Profits Performance 2010 - 2014 BHS profits, liquidity and cash flows 2009 - 2014 How to Calculate a Free Cash Flow Forecast Campari: How to apply for a bank business loan What are Current Liabilities What are Current Assets Late Payers and Cash Flow What is Operating Cash Flow? What is Working Capital How to Read a Balance Sheet Business Planning Cash Flow Calculator Short Term Liquidity Business Liquidity Corporation Tax is not Calculated on Net Profit Small Business Corporation Tax Cash Flow Calculator Using Figurewizard - VAT Using Figurewizard - Sales by Month Using Figurewizard - HP or Instalment Plan Budgets Using Figurewizard - How the budgeted cash flow forecast is calculated Using Figurewizard - Fixed Asset Budgets Using Figurewizard - Calculate Purchase of Goods Using Figurewizard - Forecasting Payments to Suppliers Using Figurewizard - How to Forecast Cash Collection Solvency and the Balance Sheet Property in the Balance Sheet Why Equity is a Liability Asset Management and Liquidity Selling Fixed Assets Contracts: Invitation to Treat What is Deferred Income Loss on the Sale of Fixed Assets Calculating Gross Profit Margin Profit and Loss Statement What is Operating Profit What is Net Operating Revenue What is Equity Profit on the Sale of Fixed Assets How Taxable Profit is Calculated What are Operating Overheads Overheads - Provisions How Depreciation is Calculated What is Business Operating Activity What are Fixed Assets Liquidity and Cash Flow Balance Sheet Liabilities and Leases Stock or Inventory Control What is Distressed Stock or Inventory What is Interest Suspense Account Product Safety Laws What is a Bill of Exchange What is Payment at Sight What is a Pro Forma Invoice What is a Bill of Lading What is a packing note What is Demurrage Cash Flow Forecasts and Planning Factoring: Invoice Discounting and Cash Flow How Does VAT Work Figurewizard as a Sales Aid for Factoring and Invoice Discounting