FRS - Confused

[Contreras]

Guess that I was hoping to have my cake and eat it also.

You could have switched to normal accounting method prior to issuing the last invoice so as to include it on the final return. This would have been perfectly legit IHMO and wouldn't rule out use of cash accounting method once off the FRS.

VAT return 'mistakes' may be carried over to the following return without special reporting requirements if the error is below a certain limit (£2k IIRC). So it's possible still, but, I wouldn't!!

[northernladuk]

Much appreciated.......

Guess that I was hoping to have my cake and eat it also.

Is that the same as having an accountant and using him?

[FMCG]

Much appreciated.......

Guess that I was hoping to have my cake and eat it also.

[Louisa@InTouch]

As malvolio states, if you are using the cash accounting scheme, this means all VAT returns will be calculated on the date of the receipt, rather than the invoice date.

Therefore anything received after you became standard rated, you will need to pay over 20% VAT to HMRC.

This will then offset both output and input at the same rate.

[malvolio]

Somewhat confused and cannot find an answer thus asking here.

All VAT liabilities upto date (to end of last quarter) - even though using the cash accounting approach.

Have been asked to leave the Flat Rate Scheme at end of last quarter.

No invoices to issue in current quarter but an old invoice (less than 6 months old) has now been paid. How do I treat this? Is the VAT liability at 20% or at the hitherto discounted FRS%.

To complicate matters I am charged VAT on eg phone contracts, subscriptions, fees, etc within current quarter THUS do I treat my input VAT at 20%.

Surely cannot deduct output VAT @ the old %FRS from input VAT @ 20% and pay difference?

Input appreciated.

If you're no longer in FRS and are using cash accounting, meaning VAT is applied and calculated at the point the monies hit the company, what do you think the liability is?

Hint: 20% is the only applicable rate...

[FMCG]

Somewhat confused and cannot find an answer thus asking here.

All VAT liabilities upto date (to end of last quarter) - even though using the cash accounting approach.

Have been asked to leave the Flat Rate Scheme at end of last quarter.

No invoices to issue in current quarter but an old invoice (less than 6 months old) has now been paid. How do I treat this? Is the VAT liability at 20% or at the hitherto discounted FRS%.

To complicate matters I am charged VAT on eg phone contracts, subscriptions, fees, etc within current quarter THUS do I treat my input VAT at 20%.

Surely cannot deduct output VAT @ the old %FRS from input VAT @ 20% and pay difference?

Input appreciated.