VAT Changes.

Not sure what the implementation rules will be for the VAT change from 17.5% to 15%.

However I have identified some of the potential implications for BoMan, but until official guidelines are known cannot be certain.

The following are guidelines only suggested by Goughware. You should take professional advice from your accountant.

Most parks pay VAT on Cash and do not issue VAT receipts to customers as they are not businesses and they cannot reclaim the VAT.

Option 1.

Leave your final prices including VAT as they are. You can produce a Cash Reconciliation report to show you what cash you took prior to 1^st December and what cash you have taken afterwards. To identify your VAT Apply 17.5% to any cash before 1^st Dec and 15% afterwards.

For clarity of information within BoMan and if you use the VAT Returns screen then you can do the following:

On the Big Buttons screen.

Click “Site VAT Rules”

You will probably see NONE and Stand in the list.

Click on the “Stand” entry.

Click the “Rates” Button.

Click “Add”

Click the “Dates” Button.

Choose 1/12/2008 (The effective date for the VAT change).

In the VAT Percentage box enter 15.

Click Update.

Close until you are back on the Big Buttons screen

Click the “VAT returns” button.

For each VAT return due after today.

Click on the Vat Return in the list.

Click “NewVat” and OK the message.

Any bookings taken for holidays after the 1^st December will now show 15% Vat on the detail in the booking form, the final fee will not have changed.

NOTE: If you go into site fees the VAT element will still show 17.5% for the whole of next year. Showing VAT on the Site Fees is for guidance only the actual VAT calculated when taking a booking is based on the percentage specified in “Site VAT Rules” and the effective date for the rate. So the 17.5% in the “Site Fees” screen can be ignored.

Option 2

If you want to pass on a price cut to your customers implement option 1 first.

Then go into “Site Fees” and change your prices (Final Fee Including VAT) Remember to re Generate your daily rates when you have a fee type of combined and daily.

You will probably not want to pass on the exact 2.5% saving as your prices would look odd.

e.g. A touring nightly rate of £5 would become £4.89 a night (i.e. divide by 117.5 and multiply by 115)

If you do want to pass a reduction on you could change your nightly rate to £4.90.