I have an invoice which is unlikely to be paid before I need to run VAT report for current period and pay HMRC. I’m using the flat rate scheme and I’m not currently under MTD.
Is there anyway that I can get the VAT report to include this invoice so that both my payment to HMRC and VAT report reflect the correct amount of VAT due?
If you are accrual accounting based then this is all based on the invoice dates. It doesn’t take into account the date or even if the invoice has been paid yet.
If you are cash accounting then this is all based on when the cash is sent/received and not the invoice dates so if this is the method you are using and the invoice hasn’t been paid then you will just pay the VAT in the period when the invoice has been paid.
Hope this makes sense.
Thanks very much for your super fast and very helpful response.
As I’m using cash accounting I guess I can run my VAT report for Jan-Mar and then make payment to HMRC.
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