Quoting Software for Small Business
Quote your clients instantly. Simple quotation software that works.
The formula to calculate VAT liability is straight forward.
Calculating VAT liability is extremely simple. With TopNotepad you can create a VAT compliant invoice, log all you purchase bills and expenses daily and track your VAT liability real-time, in just a click.
It’s simply the difference between VAT collected on sales and VAT paid on purchases & expenses.
The VAT Report section in TopNotepad, on a real-time basis calculates your VAT liability i.e., it picks up VAT collected from all your invoices and deducts the VAT you have paid against all your bills/expenses to arrive at your VAT liability.
TopNotepad makes it extremely simple for you to be VAT ready.
Here is how VAT report looks like. In the example below, the business has collected VAT of AED 28 and has paid a VAT of AED 10 on all purchases, the net VAT liability is AED 18.
Next up: learn more about UAE VAT Invoice format
It’s simply the difference between VAT collected on sales and VAT paid on purchases & expenses.
VAT Liability = VAT on sales – VAT on purchases
While it appears to be simple, it becomes work, if you have to manually keep a track of each taxes collected on each invoice and taxes paid on each bill.The VAT Report section in TopNotepad, on a real-time basis calculates your VAT liability i.e., it picks up VAT collected from all your invoices and deducts the VAT you have paid against all your bills/expenses to arrive at your VAT liability.
TopNotepad makes it extremely simple for you to be VAT ready.
Here is how VAT report looks like. In the example below, the business has collected VAT of AED 28 and has paid a VAT of AED 10 on all purchases, the net VAT liability is AED 18.
Next up: learn more about UAE VAT Invoice format