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Managing inventory

Types of inventory Most businesses will have a variety of different types of inventory. For a retail business, this will be the goods that are in inventory and held for …

Recording a credit sale with VAT

Accounting for credit sales and VAT As we have already seen, a VAT registered business adds VAT onto the net selling price to come to a gross amount. This gross …

Types of discounts offered on a sale

A discount is a reduction to the price of the sales of goods or services. There are different types of discounts that may be given or offered for different reasons. …

VAT and the tax authorities / HMRC

We’ve already seen that, when VAT is charged on sales, the business is merely acting as an agent and collecting VAT on behalf of the tax authorities. This sales tax …