FRS - Late Payment Of Invoice
Discussion
Have been asked to leave the Flat Rate Scheme at end of last quarter.
All VAT liabilities upto date - even though using the cash accounting approach..
No invoices to issue in current quarter but an old invoice (less than 6 months old) has now been paid. How do I treat this? Is the VAT liability at 20% or at the hitherto discounted FRS%.
To complicate matters I am charged VAT on eg phone contracts, subscriptions, fees, etc within current quarter THUS do I treat my input VAT at 20%.
Surely cannot deduct output VAT @ FRS from input VAT @ 20% and pay difference?
All VAT liabilities upto date - even though using the cash accounting approach..
No invoices to issue in current quarter but an old invoice (less than 6 months old) has now been paid. How do I treat this? Is the VAT liability at 20% or at the hitherto discounted FRS%.
To complicate matters I am charged VAT on eg phone contracts, subscriptions, fees, etc within current quarter THUS do I treat my input VAT at 20%.
Surely cannot deduct output VAT @ FRS from input VAT @ 20% and pay difference?
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