Tax setup of Departmental Projects

Tax data will be recorded as part of the departmental project set up.  The following defaults will be set up on the project:

 

Tax set up item Where does this information come from? Who determines this information? How does the tax engine use this information?
AR Tax Classification Code
(AR VAT rate)
Departmental Project Set Up Form The Tax team, based on the ‘Purpose of the Project’ described by the department on the Departmental Project Set Up Form Determines the VAT rate charged on invoices to the Funder (if applicable).
Tax Recovery Type
(Default recovery rate)
Departmental Project Set Up Form The Tax team, based on the ‘Purpose of the Project’ described by the department on the Departmental Project Set Up Form Determines whether or not VAT can be recovered from HMRC on costs on the project
Tax Activity Purpose
(Intended Use)
Departmental Project Set Up Form The Tax team, based on the information about any medical aspect to the project provided by the department on the Departmental Project Set Up Form. Determines whether or not any project purchases can qualify for zero-rating under the medical research reliefs

 

This means that there is no need to input any tax information against project requisitions, and all of this information will default onto the requisition to be used by the tax engine when the ‘Calculate Tax’ process is run by the Finance Preparer.

Contact Us


 : Finance Division
       University of Oxford
       23-38 Hythe Bridge Street
       Oxford OX1 2JD

  : vatenquiries@admin.ox.ac.uk

  : 01865 (6) 16215

Reference


Tax Glossary

 
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