dating vat invoices
CUK Blue CUK Stealth. Register Help Remember Me? Posts 1 to dating vat invoices of Add Thread to del. Hi ddating, This is my first post so go easy, I have a VAT return due and I forgot to speak to my accountant during the week ;- oops I have raised some fairly large invoices based on 45 days, which the customer has yet to pay. The invoice date vst into my July-Sep vat quarter and the due date falls into Oct-Dec. As the amount was quite large I might end with a situation where I would have to borrow money to pay the VAT due if it was registered to July-Sep, however by the time bat Oct-Dec is due I will have the money in hand.
I see this thread here; http: And what inboices when the client queries and you make a modification to the invoice amount, you would have to submit a correction to the VAT return that was registered when the original invoice was raised. Pay VAT on the cash accounting method, you only pay VAT over to HMRC when your invoices are actually paid. Originally Posted by Robot. I think the point is he hasn't collected the VAT yet as the invoice hasn't been paid.
Or am I misunderstanding? I would way up the pros and cons of cash accounting before switching to it. In your situation the accountant should contact HMRC and hopefully make an arrangement with them to delay payment. Penalties for mistakes and delays with your VAT. The way I understand it is the default approach datinf "Invoice Date" so if your VAT quarter ends in Sept you pay the VAT on invoices raised datijg the end of Sept irrespective of whether they've been paid unless it's a bad debt you've informed HMRC about.
You can request to go on the Cash Accounting scheme which on the payment date not the invoice issue date, literally speaking that should be done in advance. The third way is rather naughty where you slip the invoice to the next quarter and hope HMRC won't inspect you so will dating vat invoices notice. If they do notice it could be a bit nasty. I'd be inclined to have a word with HMRC myself, explain the situation which is pretty iinvoices forward and ask to go onto Cash Accounting or whatever it's called these days.
Originally Posted by javadude. Originally Posted by tolland I have raised dating vat invoices fairly large invoices based on 45 days, which the customer has yet to pay. Dating vat invoices and when you register for VAT, if you are not using the FRS then you should always opt for the cash accounting scheme. If you opt vaf the CAS, you only pay HMRC for the VAT you have invoives not what you have billed. Prior to the merger with the Inland Revenue HM Customs had a well deserved reputation for being pretty harsh in the event of defaults, late submissions etc, however their less well known reputation was for being quite sensible if approached with a situation before it became a default.
While Invoicfs are known to be utter muppets these days that's almost entirely the IR side, the Customs people are still fairly sating. Talk to them either direct or via your accountant avt get on the Cash Accounting basis for the future. Posting Permissions You may not post new threads You may not post replies You may not post dating vat invoices You may not edit your posts BB code is On Smilies are On [IMG] code is On HTML code is Off Dating vat invoices are On Pingbacks are On Refbacks are On.
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