Ask HN: How do you do accounting for your startup?

Re:Ask HN: How do you do accounting for your startup? by NAFV_P on Friday February 21, 2014 @08:59AM (#7276971)

> "If I buy a mug from the pound shop (for 1 pound), and the VAT rate is 20%, how much of what I paid was VAT?"

I calculated it as 16p, but I think if you are presented with a bill that requires paying VAT, the actual amount of VAT should be explicitly stated. VAT is always rounded down, so an implicit sum has lost some information, unless the total number of pennies is divisible by six.

> I don't think AAT is a government body.

Whoops, poorly worded.

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Re:Ask HN: How do you do accounting for your startup? by rahimnathwani on Friday February 21, 2014 @10:46AM (#7277458)

Correct. I wouldn't expect someone to know about the rounding rules, as there isn't just one rule which applies to all situations:

- http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPort...

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Re:Ask HN: How do you do accounting for your startup? by NAFV_P on Friday February 21, 2014 @01:32PM (#7278503)

Cheers for the links.

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