Share this content
0
1128

VAT input-where to show in Balance sheet

Hi all,

I am finalizing the accounts of a company to whom at the end of the financial year HMRC was owing tax. At the moment the VAT input apears in Creditors as a plus figure. Should this amount be in Debtors because the amount is owed or it can stay as it is?

Thank you very much for your help!

Replies

Please login or register to join the discussion.

19th Jul 2018 20:52

By “plus” figure do you mean a debit balance?

If so, yes it belongs in debtors.

Thanks (0)
avatar
to johngroganjga
23rd Jul 2018 12:46

Yes it is a debit balance. Thank you for your reply. What will be the correct ledger: Debtors: VAT input??

Thanks (0)
23rd Jul 2018 12:23

Is there any output tax ?

If so, where's that ?

Thanks (0)
avatar
to lionofludesch
23rd Jul 2018 13:21

yes Output tax is in Creditors: Output tax

Thanks (0)
avatar
to Ramona7195
23rd Jul 2018 13:26

Combine input and output figures. If debit total then debtor, if credit total then creditor.

Thanks (0)
23rd Jul 2018 13:39

Hope somebody's going to look these accounts over once you've done, Ramona.

Thanks (0)
avatar
to lionofludesch
23rd Jul 2018 15:09

yes, of course, I am just trying to do as much as possible before handing it over to be checked.

Thanks (0)
to Ramona7195
23rd Jul 2018 16:16

In my day when I was training and I didn't know something I would ask my manager because, you know, it was actually his job to train me.

My asking him questions helped him to train me, it reinforced our teamwork because we developed mutual trust through communication. He was better able to identify my weaknesses and strengths which would go towards making me a better employee and him a better manager. It was mutually beneficial.

Don't you bother with that kind of [***] today?

Thanks (0)
Share this content