How would you deal with machine gaming duty within quickfile there must be 2 parts to doing this as the sale would be 0% but then all proceeds after paid out winnings calculated at 25% but how would you put this into quickfile would you make a new nominal code for MGD vat ?Any suggestions would be great .thanks
Came across this article:
Specifically:
For example,
Net Taking For The Quarter: £1,875
MGD @ 20% : £ 375
Total Takings After MGD : £1,500
The £1,500 would then be split 50:50 (i.e. £750 each).
The machine supplier will charge VAT on the £750 (i.e. £150). However, your client should be able to claim back the VAT along with other purchases.
I can’t verify the above is accurate, so it’s always best to consult an accountant for these sorts of questions. However assuming the above statement is correct you’d put the first part on a sales invoice and the second part (£750 paid to supplier) on a purchase invoice.
ive seen this too but would you set up another liability code called MGD and do it that way ?
It would be a bank account if anything, whenever that account has a negative balance it will show as a liability on your balance sheet.
ok so say fruit machines earnt £100 and MGD vat is 25% so total would be £125 =£100 cash paid as sales but how do i pay off £25 which is the MGD vat which is included in the £125 sales income?or would I need to do an expense nominal code or just do a journal for the £25 which is owed from the sales income to MGD vat?Suggestions thanks just confusing myself now over this.