VAT returns

[malvolio]

Thanks all.

So in summary, it looks like I can safely just send a nil return, and wait until the next quarter before sending some cash.

Yep, as long as you're consistent and always work it out the same way.

[Gros]

Thanks all.

So in summary, it looks like I can safely just send a nil return, and wait until the next quarter before sending some cash.

[malvolio]

Just had a look at Notice 733 and FRS has its own cash accounting called "cash based turnover method". Doesn't seem like there's any form to fill in to start using it.

QB.

That's because under the FRS, Cash Based is the only logical way to operate. You aren't trying to account for the VAT on individual invoices and reconcile them to payments received and monies spent, you're only ever looking at paying back x% of gross income each quarter regardless.

[QwertyBerty]

Just had a look at Notice 733 and FRS has its own cash accounting called "cash based turnover method". Doesn't seem like there's any form to fill in to start using it.

QB.

[voodooflux]

Depends if you're on the Cash Accounting Scheme.

Under the cash accounting scheme (CAS) you account for VAT on the basis of payments you receive and make, rather than on invoices you issue and receive.

[ctdctd]

It's up to you.

Normal VAT - you pay the VAT on invoiced value in the VAT quarter
Cash accounting - you pay in the quarter you get paid

http://www.businesslink.gov.uk/bdotg...mId=1073790844

HTH

[Gros]

Morning all.

I have to prepare my VAT return for the quarter which ends 1st June, IIRC. I didn't work for any of that period until 17th May, and my first invoices were submitted on the 27th May. I still haven't received payment for these invoices as yet.

Do I include these in my VAT return, or does it only count for actual monies received? I'm on FRS.

Thanks.