1 / 40

Oracle VAT Seminar

Oracle VAT Seminar. Louise Dunbar Finance Division dunbarla@cardiff.ac.uk October 2010. Contents. Introduction to VAT The University and VAT in Oracle Purchasing in Oracle “VAT TREATMENT” field “PRIMARY INTENDED USE” field: Recoverable VAT European Suppliers and INTRASTAT Income

tait
Télécharger la présentation

Oracle VAT Seminar

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Oracle VAT Seminar Louise Dunbar Finance Division dunbarla@cardiff.ac.uk October 2010

  2. Contents • Introduction to VAT • The University and VAT in Oracle • Purchasing in Oracle • “VAT TREATMENT” field • “PRIMARY INTENDED USE” field: Recoverable VAT • European Suppliers and INTRASTAT • Income • VAT Rate change 4th January 2011

  3. Value Added Tax (VAT) There are three rates of VAT The rates are: standard – currently 17.5% (20% from 4thJanuary 2011) reduced – 5% zero – 0% There are also some goods and services that are: exempt from VAT outside the scope of VAT Output / Input VAT 1. Introduction

  4. 2. Cardiff University and VAThttp://www.cf.ac.uk/fince/servicesstaff/corporatefinancialservices/vat_1/index.html

  5. Partial Exemption

  6. Oracle Tax Engine The tax engine looks at The Supplier location & tax set up AND The Customer location & tax set up before determining the tax rate to apply which in Oracle becomes the “VAT Treatment” http://www.cf.ac.uk/fince/servicesstaff/corporatefinancialservices/vat_1/index.html “VAT GUIDANCE – purchasing in Oracle”

  7. 3a. Oracle and VAT – “VAT Treatment” field denotes treatments generating Zero Rating Certificates Used for books/public transport/printing where no certificate required

  8. Iprocurement Example • Example 1Booking a Hotel Room

  9. Logged in as the iprocurement Approver

  10. Finally – Approver can view the VAT element

  11. Example 2 – Equipment Zero Rating

  12. Input the relevant details and Add to Cart

  13. View Cart and Checkout

  14. Checkout

  15. By entering CU% in the VAT Treatment field

  16. “VAT treatment” fields

  17. 3b “The Primary Intended Use” field: when VAT is recoverable This field should NOT be used UNLESS you are instructed to do so by Finance or RACDV for a particular School/Division Activity

  18. Projects Set up

  19. Example 3 – VAT recoverable activity

  20. Finally – view the Recoverable VAT element

  21. 3c Purchasing from the European Community http://www.cf.ac.uk/fince/resources/VAT%20Guidance%20-%20Purchasing%20from%20the%20EU.pdf

  22. INTRASTAT

  23. 4. Income

  24. Sales Invoice Requests The following activities are subject to VAT at Standard Rate but are often incorrectly treated on the Invoice Request: • Graduation Ceremonies • Sponsorship Income, where sponsor is not simply donating money • Industrial CASE studentships • Services supplied to non-eligible bodies • Sale of second hand goods The following activities should be EXEMPT from VAT • Short Course or Conference Income • Request for Donation from a business

  25. Sales Invoices and the EC

  26. VAT increase 4th January 2011 • 20% Rate on all VAT invoices issued on or after 4th January 2011 AND issued within 14 days of the transaction. • If the transaction was performed BEFORE 4th January 2011, VAT may be charged at 17.5%. • Recommend: • Purchasing - Place orders and receipt goods/services prior to 4th January 2011 • Sales – Invoice clients prior to 4th January for work done to avoid queries email vat@cardiff.ac.uk with specific queries

  27. Review • The University and VAT in Oracle • Purchasing in Oracle • “VAT TREATMENT” field • “PRIMARY INTENDED USE” field • European Suppliers and INTRASTAT • Income • VAT Rate change 4th January 2011

More Related