Value Added Tax

Value-added tax (VAT) is a consumption tax on goods and services that is levied at each stage of the supply chain where value is added, from initial production to the point of sale.

RoundTab makes it easy to manage and account for VAT by separating VAT out.

Benefits provided by RoundTab:

• Allows you to Add VAT rates on a per-product basis.
• VAT rates are checked against the Government monthly
• Separate your VAT for accountancy purposes
• Download revenue breakdown reports of monthly spending with VAT separated out
• Tag products, for example food or drink, zero-rated or take away, hot or cold

You can enable VAT rates by going to settings in your account.

Enabling VAT rates allows you to choose different VAT rates for each product, otherwise all products considered as inclusive of VAT at the Standard Rate.