Is VAT in Turnover?

Answered 18 Feb 2008 by a.rolls
I have just started helping a local community shop with bookkeeping/financial management etc. Our most recent set of accounts have just become available withthe turnover in the P & L statement shown as nett of VAT. What is the rational behind this? Is the Cost of sales also nett. Many thanks

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Andrew Rolls is a chartered accountant who has worked for many years in general practice. He is well qualified in the use of Sage Line 50 and charity accounts. He is also experienced in the use of Excel for budgets and cash flow forecasts.