Re: FN-FORUM OT -VAT question - You choose Dates

date posted 28th January 2002 12:22

Er it's not a completely free choice.

If you are using Paid dates that's what is known as a cash accounting scheme,
and you have tell the IR you are using it by filling in the scheme that you
are using on the VAT return.

On Monday 28 Jan 2002 11:14 am, [EMAIL REMOVED] wrote:
> Basically its up to you whether you work on Paid or Invoiced date
>
> I work on Paid because I can use my bank statements to cross reference,
> however if you have a lot of invoices running through an accounts package
> you best use the entry dates therein.
>
> Remember if someone delays payment and you are working on invoice date, you
> owe the VAT even though you have not received it yet!
>
> Whatever you do its best not to change methods 'cos you'll then really get
> confused!
>
> Mike Churchill