Domestic reverse charge again?

Domestic reverse charge and cash accounting what are others doing?

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Ok, it quite clearly states in the revenue quidance that you cannot use Vat cash accounting scheme for DRC -section 11. But, as pointed out by Kevin Ringer  31/3/21- section 12 states that you include the value of the sale when you receive payment.... so its ok for the sale to be recorded when received ? So I assume that I am ok to record the sale when recieved and as my client keeps non MTD sales invoices (vat notice 700/22) I can just enter them in as a receipt on VT directly through the payments and receipts section of the bank account...simple... or am I missing something? I must admit though, I will have to use the VT guidance for the purchase side of DRC as section 12 is quite clear on this, but what a waste of time. 

 

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By mikeyban
11th Jul 2021 18:48

Ignore it… it’s unworkable and it will eventually be changed …

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Replying to mikeyban:
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By Di
12th Jul 2021 09:34

Thanks, I agree but who the hell makes up the rules and writes up the guidance, some boffins behind a desk who have never worked in the real world. (Monday morning rant over!)

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Replying to Di:
RLI
By lionofludesch
13th Jul 2021 06:20

Di wrote:

Thanks, I agree but who the hell makes up the rules and writes up the guidance, some boffins behind a desk who have never worked in the real world. (Monday morning rant over!)

Well, apart from the word 'boffins', yes.

Most of these bills are invoiced and paid in the same quarter anyway. Any error is limited to the change in debtors/creditors over the quarter.

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Replying to lionofludesch:
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By Di
13th Jul 2021 09:21

I agree, I was being too kind!

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