We understood that the cash accounting limit for VAT was to be increased from the current level to around £1.3 m turnover. This was subject to European approval - does anyone know whether this is going to happen?
Anne-Marie Naylor
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Possibly
The approval to raise the limit was included in the the UK's request to extend the derogation for the Cash Accounting Scheme beyond its end date of 31 December 2006.
This has apparently been approved by the EU within the last fortnight. Whether HMRC are going to implement this any time soon is any body's guess.
I have sent an written request for further information about the implementation date to HMRC' but am yet to receive a reply.
Regards
Paul Taylor
Dains