question on TOMS re registration | AccountingWEB

question on TOMS re registration

small tour companty been trading for 3 years year end 31st July last year well under treshhold

registered for VAT 1st March 2013 when turnover was £380k and expected margin about £60k

i note that you can account for margin vat either when funds are received or date of departure

if we use later method we will have to pay vat on whole years margin (as tour started at end of March) if the former presumably only on monies recived after registration

i read that accounting on cash received date is unusual ( this is completely diff to normal vat rules remember)

any advice or comments on this tricky situation

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leshoward |
leshoward's picture

it makes perfect sense thanks a lot

carnmores |