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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5113
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

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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.

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

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.

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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.

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