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babu
 Post subject: Credit Cards & VAT
PostPosted: Fri Nov 15, 2013 11:20 am 
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Joined: Wed Feb 20, 2013 12:53 am
Posts: 6
Boss is thinking of taking credit cards again but as hes VAT Registered wants to know if he has to charge VAT on the fare.

His accountant has told him that he has to charge the VAT on top of any payment taken. Is this correct?
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skippy41
 Post subject: Re: Credit Cards & VAT
PostPosted: Fri Nov 15, 2013 12:21 pm 
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Joined: Mon Mar 21, 2005 8:44 pm
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Location: Scotland
babu wrote:
Boss is thinking of taking credit cards again but as hes VAT Registered wants to know if he has to charge VAT on the fare.

His accountant has told him that he has to charge the VAT on top of any payment taken. Is this correct?


No the VAT comes out of the fare, its not an extra
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grandad
 Post subject: Re: Credit Cards & VAT
PostPosted: Fri Nov 15, 2013 1:03 pm 
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Joined: Tue Apr 03, 2007 11:27 pm
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skippy41 wrote:
babu wrote:
Boss is thinking of taking credit cards again but as hes VAT Registered wants to know if he has to charge VAT on the fare.

His accountant has told him that he has to charge the VAT on top of any payment taken. Is this correct?


No the VAT comes out of the fare, its not an extra

The depends on weather it is Hackney or Private Hire. If it is Hackney then the VAT element is part of the fare. If it is Private hire it can be charged on top of the fare.

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Sussex
 Post subject: Re: Credit Cards & VAT
PostPosted: Fri Nov 15, 2013 9:24 pm 
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babu wrote:
Boss is thinking of taking credit cards again but as hes VAT Registered wants to know if he has to charge VAT on the fare.

His accountant has told him that he has to charge the VAT on top of any payment taken. Is this correct?

If he is an agent then he need only charge VAT on any money he makes on the job.

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