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HMRC internal manual

VAT Default Interest Manual

From
HM Revenue & Customs
Updated
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Interest adjustment: VISION option to calculate interest

An option exists on VISION which you can use to calculate the interest charged between two dates if a manual calculation is necessary. 

The option will allow you to input several dates and event values. The computer will automatically calculate the interest that would have been charged between the dates you input using the event value of your choice. This action will have no effect on the actual mainframe or the taxpayer’s ledger balance. It is simply a calculator.

To use this option you should access VISION as follows

  • if the correct security codes have been entered, the VISION screen will show the VISION MAIN MENU
  • keying“4” will access the DATE DIFFERENCE CALCULATION, INTEREST RATE CALCULATION AND INTEREST RATE TABLE screen
  • keying “2” will take you to the INTEREST RATE CALCULATION option
  • you should now enter your chosen dates and event values.

Note: The Interest Rate Calculation works on a date inclusive system.

This facility calculates the Interest on a given amount (whole pounds) between the two dates supplied (inclusive).