The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Cash Accounting Scheme for VAT
Post Info TOPIC: Cash Accounting Scheme for VAT
Elaine R


Senior Member

Status: Offline
Posts: 359
Date:
Cash Accounting Scheme for VAT
Permalink Closed

Hi,

Has anyone heard of a convertible deed by means of settling an invoice?  I have a colleague who's client is invoicing a job and receiving this deed instead of cash.

When the VAT return is submitted it is a nil return.  I am guessing it has been done deliberately to avoid VAT!

 

I've heard of letters of credit to guarantee a receipt but not convertible deed.

 

Elaine



__________________
E Roscoe
leshoward


Senior Member

Status: Offline
Posts: 292
Date:
Permalink Closed

But, if the deed is settlement of the debt, then VAT is due under the cash accounting scheme anyway.

__________________
Elaine R


Senior Member

Status: Offline
Posts: 359
Date:
Permalink Closed

Yes I have realised that now. I heard it wrong that's all.
The vat return will be submitted with the relevant figures.

It is actually a bond not a deed and once it is legal the the VAT will become due I believe.



__________________
E Roscoe
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Cash Accounting Scheme for VAT
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About