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? :-(


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