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Post Info TOPIC: VAT and invoice factoring
beckyw


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VAT and invoice factoring
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I wonder if anyone can help me. I have a client who uses Sage and cash accounting for their VAT. They also use RBS as a factoring company for trade customer debts and also to provide an overdraft against future debts when they need it. They tend to draw money against the debts and sometimes the overdraft twice a month to to the tune of about £40000.

Can anyone tell me how and when i account for the VAT for this client,  and how i record the overdraft facility?

Thankyousmile

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Becky
gbm


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Hi Becky,

Tricky!  The following link will give you an insight into the VAT on factoring:

http://www.hmrc.gov.uk/manuals/vcasmanual/VCAS5150.htm

Not sure what you mean about the overdraft facility.  If a facility is in place, it doesn't get recorded anywhere in books, it merely allows the business to spend more money than they have without cheques getting bounced.

HTH


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beckyw


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Fabulous thankyou, i will take a quick look now.

Becky

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Becky
ludrup


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Hi

Thanks for the link.  Useful for me as well.


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