Accounting - Indirect Tax: Accounting Basics Explained - AAT level 3 Indirect Tax - VAT UK

In this video I discus all the basics of VAT, including what is indirect tax, output vat, what is input vat and what does indirect tax mean? This is also covered at level 3 indirect tax aat level 3. I also explain the various different ledger books involved in a vat control account such as the sales day book, the sales returns day book and cash receipts book as well as the purchases day book, purchase returns day book, cash payments book and petty cash. With the use of a VAT control account I show you how you can make a judgement over whether the final value carried forward is a liability or an asset and what the original journal entries would be for a normal purchase or sales on credit as well as a purchase or sales return item. Finally I look at what a standard VAT return looks like and the various different boxed on a vat return and what information should be included. If you would like to support me in my endeavours to help accounting and finance students you can now do so through Patreon :) - all support is greatly appreciated x   / missfinancetutorials   I hope you find this useful: here is a link to the full accounting tutorials playlist:    • All Accounting Tutorials - Miss Finance   As well as the VAT Box 2 on a standard VAT return explained:    • Accounting Tutorial: VAT Explained Box 2 -...