Using Figurewizard - VAT

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.