Re: Creditors - Final Accounts



"Ronald Raygun" wrote
The usual meaning of the word "due" is such that in this
scenario you would say that the VAT is due by 30th April,
meaning that the money must be paid on or before that date.

"Tim" wrote:
I think you are concentrating too much on where he uses
the word "due". Instead, consider this snippet: "... the end
of August. VAT is to be calculated up to that date..."

He then also goes on to say it's due end September.

Hence : end of quarter is end-Aug, payment by end-Sep.

If the end of September is end of a quarter, then
what (VAT-wise) happens at the end of August?

"Ronald Raygun" wrote
The calculation of the accrual, i.e. that part of the VAT
owing from outputs less inputs which occurred during
July and August, the first two months of the VAT quarter.

What if he doesn't bother calculating it until the
end of **all three** months of the quarter? ;-)

"Ronald Raygun" wrote
He grumbled about something having to be done "in the middle of
the VAT quarter". If the VAT quarter and accounting year did
end together, then nothing would need to be done in the middle!

But when does the accounting year end? :-(


.



Relevant Pages

  • Re: Crediting VAT invoiced in error for 5% rated services
    ... Invoices and credit notes deal with VAT in the ... Is it because I am using Cash Accounting? ... > Original invoice T1 Dr £117.50 ...
    (uk.business.accountancy)
  • Re: Crediting VAT invoiced in error for 5% rated services
    ... he paid it in full and that was during a previous VAT period. ... >So far I have posted a customer credit note for the full original invoice at ... >T1; posted a dummy invoice for the same amount to mispostings account; ... >am interested to know what the basic accounting method would be and should I ...
    (uk.business.accountancy)
  • Crediting VAT invoiced in error for 5% rated services
    ... I hope someone can help me sort out this VAT return problem, ... I am using Cash Accounting. ... So far I have posted a customer credit note for the full original invoice at ...
    (uk.business.accountancy)
  • Re: Business tax year question
    ... Corporation tax periods normally run for 12 months. ... There is a limit to how long an accounting period can run. ... None of this has anything to do with VAT. ... PCLinuxOS release 2011 for x86_64 ...
    (uk.business.accountancy)
  • Re: Software manuals [was: Re: App sought that issues mouse codes...]
    ... Vince M Hudd wrote: ... accounting for VAT on a cash basis) which is a significant ... still operate their VAT on a cash basis (if their turnover is below the ...
    (comp.sys.acorn.apps)