12 Oct
2009
12 Oct
'09
2:43 p.m.
2009/10/12 Chris G cl@isbd.net
As a general point re this VAT rounding lark - the VAT rules say that you're allowed to *truncate* fractions of a penny. In other words if the VAT on an item you sell is anywhere between (say) 95.00000001 pence and 95.99999999 pence then the amount you have to send the VAT man is 95p.
How do 99p shops operate (e.g. http://www.99pstoresltd.com/)? If something costs pre-VAT 86p, VAT = 12p, retail price = 98p If something costs pre-VAT 87p, VAT = 13p, retail price = £1.00
Greg