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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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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: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year 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 1 year 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 1 year ago.

Hi there

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

Many thanks

Customer: replied 1 year 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 1 year ago.

Thank you for your reply..

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Expert:  taxadvisor.uk replied 1 year ago.

I thank you for accepting my answer.

Best wishes