What should year end VAT balance on Balance sheet relate to?
Client is on the flat rate scheme and cash accounting.
I understand what how the quarterly VAT returns are calculated but what should the year end VAT balance relate to in the year end accounts
The client has posted invoices onto Sage in the normal accruals method as you would with a normal sales day book and purchase day book but using this method the closing VAT balance is calculated on the accruals method, rather than the FRS and cash accounting
Is this balance therefore correct or do i adjust to reflect the fact they are operating the FRS and cash accounting schemes and if so how do i do this?
Hope this maks sense??
Thanks in advance
- Family Partnership 249 7
- Rollover relief - No new asset purchased 316 5
- Can I prepare dormant accounts? 118 2
- Problems viewing AWeb posts 102 3
- How do you integrate prepaid expenses in to the cash conversion cycle? 56 2
- Does anyone have an old version of Sage for sale? 169 4
- flat rate scheme 2,325 47
- Signed accounts for bank 641 14
- What route into accountancy would you recommend? 831 12
- Business lending another business money (UK) 292 7
- Deferring dividends on paper 170 5
- VAT Query on new build 105 1
- Restriction of trading loss and overlap relief 140 1
- CIC Abbreviated Accounts 146 4
- How to format Co-operative Accounts 93 1
- P11D Car Value 259 6
- NOVA declaration 104 1
- Business valuation advice 709 18
- Auto enrolment: What’s your plan? 1,509 16
- Are any of you members of The Institute of Financial Accountants - Accountnats certificate 1,227 23