Slick's default setting for all reporting is to show financial amounts inclusive of VAT
If you wish to use Slick's automated takings split for non-VAT registered chair renters, then you will need to adjust the % takings to remove the VAT.
Worked Example
Staff Member A is on a 50%/ 50% revenue agreement but is not VAT registered.
The business has just taken a client bill of £100 INCLUDING VAT
The agreement between the business and Staff Member A is a revenue share of 50% EXCLUDING VAT
Calculation
£100 ex VAT = £83.33
50% of £83.33 = £41.67
£41.67 is the takings that is due to Staff Member A. The business will receive the balance of the £100 inc VAT i.e £58.33
To ensure Staff member A receives their 50% share EX VAT, we enter 41.67% into the takings Table.
If the agreement is for the staff member to receive 55% share EX VAT, we would enter 45.83% into the takings Table.
By activating Split takings Payments, the Slick account owner takes full responsibility for ensuring staff % takings rates are accurate. As per Slick's Terms and Conditions, Slick disclaims all liability from any errors arising as a result of incomplete or incorrectly entered takings rates.
If your are struggling with this or want these checked, then accountant or book keeper will be able to do these calculations for you.
Unfortunately, whilst our team can advise on HOW to set up the feature, our team members are prohibited by our Terms and Conditions in assiting you with these calculatons