How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask taxadvisor.uk Your Own Question
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4972
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

VAT paid after an accounting period (ap) under the Fat Rate

Resolved Question:

VAT paid after an accounting period (ap) under the Fat Rate Scheme.
My ap ended on 31 January 2016 and I have included income on an invoice (accruals) basis to this date for my accounts. I paid the VAT matched to this income after 31 January under quarterly VAT accounting using the flat rate scheme. Under this scheme, I need to reduce my gross of VAT turnover by the amount I have paid in VAT. Does this mean that I should provide an accrual for the amount I have paid after date so that I can reduce my turnover on a matching VAT to turnover basis.
John
Submitted: 10 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 10 months ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.

Expert:  taxadvisor.uk replied 10 months ago.

John, thank you for your question.

You should provide an accrual for the VAT paid after 31 Jan as it relates to accounting period ended 31 Jan 2016.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Expert:  taxadvisor.uk replied 10 months ago.

Hi there

Just checking to see if you require any clarification or has I answered your question.

Many thanks

Customer: replied 10 months ago.
Your answer made sense and I have accrued for the VAT on a matching basis.
Thank you very much.
Regards,
John
Expert:  taxadvisor.uk replied 10 months ago.

Thank you for your reply..

If there are no more issues, I will appreciate if you would kindly rate my service/accept the service I have provided before you leave the site, to ensure I get credited for it by Just Answer.

taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 10 months ago.

I thank you for accepting my answer.

Best wishes

Related Tax Questions