The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Cash accounting VAT scheme with EC sales and lease purchase
Post Info TOPIC: Cash accounting VAT scheme with EC sales and lease purchase
Princess


Senior Member

Status: Offline
Posts: 476
Date:
Cash accounting VAT scheme with EC sales and lease purchase
Permalink Closed

I have a client who is on the cash VAT scheme.  Whilst submitting his VAT return in QuickBooks today I got a message saying that EC  sales have to be done using the accrual method.  I looked on the HMRC website but was not able to find out if it's just the EC stuff that needs to be reported on the EC sales list using accruals or if it means the client cannot be on the VAT Cash accounting scheme.  I did find another message saying that people making lease purchases can't be on it and he is leasing a vehicle with a view to purchasing it at the end of the lease period.  I haven't come across this before as most of my clients are accrual VAT so any help would be appreciated.  Thanks.



__________________
rachel_mclean


Guru

Status: Offline
Posts: 625
Date:
Permalink Closed

Yes it's just EC sales on the EC sales list and it is the accruals method. and it has nothing to do with whether you use the accrual or cash scheme. The EC sales is completely different. I have no idea about the leasing purchases though, sorry.



__________________

Rachel
Princess


Senior Member

Status: Offline
Posts: 476
Date:
Permalink Closed

Thank you.

__________________
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 VAT scheme with EC sales and lease purchase
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