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Post Info TOPIC: Flat rate vat changes - Cash Basis
ChrisBolton


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Flat rate vat changes - Cash Basis
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Hi All

 

The new Flat Rate changes come into effect next month - just a quick question regarding debtors and cash accounting.  Would you treat income in April for March invoices under the old rate or new?

 

Thanks

 

Chris



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Cheshire


Master Book-keeper

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What are the invoices for? Goods or services? Services on a continuous basis or billed as provided?

This was sort of mentioned under the ant-forestalling measures section on a technical guidance note, but best place to start is the new flat rate vat guide, section 9.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
ChrisBolton


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Hi

Just for services carried out in the month, not billed in advance.

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Cheshire


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Billed in arrears?

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
ChrisBolton


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Posts: 133
Date:
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Well, just for work carried out in March, so the sales invoice would be dated say 31st March, and would be paid early April

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Cheshire


Master Book-keeper

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That's an easy one then, no apportionment needed. It's covered under section 9.7 of the guide.

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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