IBC Accountants

I.B.C Accountants based in Rochester in Kent are a busy firm of Accountants established in 1978 by Alan F Keeves who practised sole from 1978 then in 1996 he set up I.B.C Accountants who have become known for our expertise in assisting our Clients achieve their ambitions whether their businesses are small, medium or large both in the UK, Europe & South America.

I.B.C Accountants provide a wide range of services from accountancy to forensic accounting and can assist you with a full range of advice in all aspects of business.   I.B.C Accountants has the benefit of 39 years experience.


Please help support Becky Keeves and the wonderful MacMillan Nurses.

https://www.justgiving.com/fundraising/sara-cummins1

Latest News

Student tax scam warning

23/09/2021 – HMRC is warning new students starting university that they could be targeted by scammers trying to steal their money and … More...

New timetable for import controls

23/09/2021 – There are special procedures for importing goods into the UK. Following the end of the Brexit transition period on 31 … More...

Government announces winter COVID plan

23/09/2021 – The Prime Minister, Boris Johnson has set out the government’s autumn and winter plan for managing Covid. The … More...

VAT inclusive and exclusive prices
05/08/2021

When identifying the amount of VAT charged, it is important to distinguish between VAT inclusive and VAT exclusive prices. A VAT inclusive price includes VAT at the prevailing rate.

When a VAT registered business issues an invoice to their customer they must ensure that they charge the correct rate of VAT. Whilst most businesses in the UK charge VAT at the standard rate of 20% there are a number of different VAT rates and exemptions to consider. This includes the reduced VAT rate of 5%. 

A VAT exclusive price is the price of goods or services before VAT is added. The use of VAT exclusive prices should only be used when the prices are aimed at buyers who can recover any VAT charged, for example ‘trade prices’ for businesses. Even when VAT exclusive prices are quoted it is important to ensure that there is a prominent statement indicating the amount or rate of VAT that will apply. 

In order to work out how much VAT is included in a VAT inclusive price you need to divide the price including VAT by 1 + VAT rate. For example, to work out a price excluding the standard rate of VAT (20%) divide the price including VAT by 1.2 and if VAT was charged at 5% then the total is divided by 1.05.

Likewise, if you want to calculate a VAT inclusive price, for a standard rated (20%) transaction, you would multiply the price excluding VAT by 1.2 and for a reduced rate (5%) price you would multiply the price by 1.05.


Accountancy

2

Accountancy

If you need advice in either a start up or in expanding your business then I.B.C can assist you.

Read more

Taxation

2

Taxation

If you need advice in either a start up or in expanding your business I.B.C can assist you.

Read more

VAT

2

VAT

We assist with you with all of your VAT needs and offer advice on all aspects of VAT

Read more

Forensic Accounting

2

Forensic Accounting

These services can considerably strengthen your case and cut your litigation costs.

Read more

Contact Us

Suite 1, Unit C3, Knights Park Industrial Estate
Knight Road
Rochester
Kent
ME2 2LS
Email: intbusinesscentreibc@gmail.com
Phone: 01634 564290

Newsfeed Search


Follow Us