People who do VAT returns / accountants - help!

Do you know if you're on the cash accounting scheme or not?

If on cash accounting you only include the value when you have received payment.

If not, then you have to include the value of all invoices as invoiced in the quarter.

Oops, never read your question properly. If you haven't invoiced yet or been paid then you don't need to include them in this return.

I don't know - I just fill in my accountants lovely (it really is) spreadsheet, send if for them to check and then file the amounts online and pay up.

I'm assuming it's better to over rather than under pay so I should do the quarter as if the invoices were raised and paid and pay the VAT even though I'm yet to recieve the money.

Oh right, thanks for the second message - so next quarter I just include them in those figures instead?

Just checked the HMRC website.

If the supplier issues a VAT invoice more than 14 days after the date when the supply took place, the time of supply will be the date the supply took place, and not the date the invoice is issued. However, if a supplier has genuine commercial difficulties in invoicing within 14 days of the supply taking place, they can contact HMRC to ask whether they can have permission to issue invoices later than 14 days and move the time of supply to this later date.

So looks like you will have to include them on this return.

See my last message Boop - I gave you duff information in my 2nd post, sorry.

Who said VAT was a simple tax ?

I disagree, Maxi, (sorry) Ithe invoice date is nearly always the tax date you do not include the income until it is invoiced (or received if you don't invoice) VAT is never paid on accruals.

Oh, help. ?

Shall I explain a bit further and then perhaps it might make a difference to the advice?

I am a contractor and I submit timesheets to the agency in lieu of invoices.

The timesheets are weekly but mine can only be signed by one person and for various reasons we haven't both been in the office at the same time since mid June - so I have a stack of unsigned timesheets that I can't submit. They have two dates - the date of the week that work I'm claiming for relates to, and the date they were signed. There's also a date of submisstion - which is from the email when I actually scan and send them off. They are paid 30 days from date of submission.

So, does that help you help me to know if I need to include and pay the VAT on the two weeks in June where I have not yet submitted the timesheets (invoices)? Is it irrelevent that I haven't actually had the money either?

If you are standard accounting, not cash, whether ir not you have been paid is irrelevant. When you invoiced is the relevant thing. If you cannot submit these, I would say the date of submission is the tax date, as you're paid 30 days from then. However, that'sd how I would personally work it out, not necessarily the correct way.

So, I would think not submitted = not invoiced = not relevant on current return. I wouldn't agonise over it, even if you got a vat inspection they could easily see what has been done.

L
xx

VAT is calculated on the actuals basis, ie what have you actually invoiced. If no invoice (timesheet) has been submitted, no VAT has been charged therefore there is nothing to include on this return.

VAT applicable to these timesheets will be included on the next return, for the quarter in which the VAT applies.

Hope that makes sense!

Right - I think that's clear.

Thank you all for your help.