VAT Return for end of Nov!!!

[joey122]

Whats the score here?

So you pay the VAT you have collected this quarter and then forward that on to the tax man??

Do you pay VAT on all invoices that have been PAID or issued??

Thanks

[kaiser78]

Whats the score here?

So you pay the VAT you have collected this quarter and then forward that on to the tax man??

Do you pay VAT on all invoices that have been PAID or issued??

Thanks

VAT is due on invoices that have been banked, ie funds are in your business account.

[MikeC1408]

Depends how you do your accounting.

You can either pay on invoices raised or on actual payments received, it's up to you.

[LisaContractorUmbrella]

Whats the score here?

So you pay the VAT you have collected this quarter and then forward that on to the tax man??

Do you pay VAT on all invoices that have been PAID or issued??

Thanks

Either is the simple answer but this really is something you should be discussing with your accountant as it is extremely important that your VAT returns are correct and are submitted on time.

[Sockpuppet]

Whats the score here?

So you pay the VAT you have collected this quarter and then forward that on to the tax man??

Do you pay VAT on all invoices that have been PAID or issued??

Thanks

As Lisa has said. Go see an accountant. Its right that VAT is correct but its not the hardest subject in the world. Though get it wrong and you will get shafted.

[css_jay99]

VAT is due on invoices that have been banked, ie funds are in your business account.

i thought it was invoices raised not banked

[SueEllen]

i thought it was invoices raised not banked

It's either.

If you do it one way don't change it.

Anyway if you have an accountant go and ask them.................

[Maslins]

See here for details of the cash accounting regime (ie paying VAT based on receipts rather than invoices issued).

Bear in mind if you go for cash accounting it applies to purchases as well as sales, so you can't reclaim input VAT until you've actually paid for things, rather than just been invoiced.

[ASB]

See here for details of the cash accounting regime (ie paying VAT based on receipts rather than invoices issued).

Bear in mind if you go for cash accounting it applies to purchases as well as sales, so you can't reclaim input VAT until you've actually paid for things, rather than just been invoiced.

Also, irrespective of whether cash or accrual account the company books have to be prepared on an accrual basis.

[Spacecadet]

Surely most contractors should be on the flat rate VAT?