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Thread: 4.3.12

  1. #1
    Senior Member
    Join Date
    Sep 2002
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    Birmingham, England
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    I've been asked to post this by our cost report guy. He's getting a little stressed and hasn't slept much this week.

    Does 4.3.12 refer to any form of sales tax (i.e. VAT in the UK)? We budget including VAT and therefore need to remove it from the cost report if this is the case.

    Ben

  2. #2
    Senior Member
    Join Date
    Sep 2002
    Location
    Birmingham, England
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    I've been asked to post this by our cost report guy. He's getting a little stressed and hasn't slept much this week.

    Does 4.3.12 refer to any form of sales tax (i.e. VAT in the UK)? We budget including VAT and therefore need to remove it from the cost report if this is the case.

    Ben
    -

  3. #3
    Senior Member
    Join Date
    Oct 2002
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    Melbourne, Australia
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    Yeah I assume it does. On last years cost report we subtracted GST (Goods and Service Tax) from all our purchased parts.

    Regards,

    Scott Wordley & Roan Lyddy Meaney
    Monash FSAE Wingmen
    http://www-personal.monash.edu.au/~fsae
    Regards,

    Scott Wordley


    Scoring in every event for the last 12 comps running!
    http://www.monashmotorsport.com/

  4. #4
    Agreed, although I agree it's probably a lot more difficult to do in countries where VAT/GST and other inevitabilities of life are integrated into invoice prices.

    Thankful we don't have that problem. Indeed, we have the opposite problem - if we do erroneously get charged tax (as a non-profit educational group, our purchases are sales-tax free) it's a royal pain in the ass to fix that with the accounting folk in the school.

    ---
    Cornell Racing
    http://fsae.mae.cornell.edu
    ---
    Michael Jones
    Cornell Racing 2001-2005
    PhD Candidate, University of Toronto, Faculty of Information
    http://www.yafle.ca/fsae

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