Timing of VAT payment

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jmo21 replied

16 March 2012, 10:50
thanks folks, didn't think so.
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northernladuk replied

16 March 2012, 10:38
I asked my accountant this a few years ago, same with invoicing and paying myself in the next financial year. I was told in the long run it made no difference. It all balances out. If you had some cash flow problem possibly but if you have cash flow problems paying your VAT you are in trouble.

What you save in this year you pay next year with the extra transaction. I do it when it is due just to keep the books clean. Thats my personal method of course.

Be interesting to see if something has changed or the advice I was given wasn't right though
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JamJarST replied

16 March 2012, 10:27
Originally posted by jmo21 View Post

My next VAT bill is due to be paid by 7th April.

Is there any advantage to paying it before or after this current end of financial year (end of March?)

I've never really thought about it in the past and a search of CUK hasn't turned anything up NorthernLadUK.

I'm on the flat rate scheme if that makes any difference.

EDIT: oops, meant to post in Accounting/Legal, admin can you move please?

I am sure the proper accountants will be along to answer this shortly, but I can think of no accounting or tax advantage to altering the payment date of the VAT liability.
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jmo21 started a topic Timing of VAT payment

16 March 2012, 10:05
Timing of VAT payment

My next VAT bill is due to be paid by 7th April.

Is there any advantage to paying it before or after this current end of financial year (end of March?)

I've never really thought about it in the past and a search of CUK hasn't turned anything up NorthernLadUK.

I'm on the flat rate scheme if that makes any difference.

EDIT: oops, meant to post in Accounting/Legal, admin can you move please?
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