Zissou10
26th March 2010, 10:59
Hello
Thought I'd give this place a go, as the 0845 010 9000 number always claim "they're too busy to take my call" - idiots.
Anyway, the question is, should I declare output VAT on an invoice that is received within the period of registration, but was raised before (and did not contain VAT).
Example:
Register from 01/04/10, joining the FR at the same time.
On 15/04/10 a payment of £15,000 for an invoice which was raised on 20/03/10 and has no VAT is received.
Do I apply my % to the £15,000? I always thought not, but a colleague raised the point that you apply the rate to all your sales banked from the date you join the scheme, regardless whether they contain VAT or not.
Their example would be:-
You register retrospectively on 15/06/10, effective from 01/04/10. You then invoice your customers between 01/04/10 and 15/06/10 for the VAT content. Now the payments you've received to date were net of VAT (as you weren't registered at that point in time), however you apply your FR % to them and again when you receive payment for the VAT element.
Sorry if I've waffled on too much!
Cheers in advance!
Thought I'd give this place a go, as the 0845 010 9000 number always claim "they're too busy to take my call" - idiots.
Anyway, the question is, should I declare output VAT on an invoice that is received within the period of registration, but was raised before (and did not contain VAT).
Example:
Register from 01/04/10, joining the FR at the same time.
On 15/04/10 a payment of £15,000 for an invoice which was raised on 20/03/10 and has no VAT is received.
Do I apply my % to the £15,000? I always thought not, but a colleague raised the point that you apply the rate to all your sales banked from the date you join the scheme, regardless whether they contain VAT or not.
Their example would be:-
You register retrospectively on 15/06/10, effective from 01/04/10. You then invoice your customers between 01/04/10 and 15/06/10 for the VAT content. Now the payments you've received to date were net of VAT (as you weren't registered at that point in time), however you apply your FR % to them and again when you receive payment for the VAT element.
Sorry if I've waffled on too much!
Cheers in advance!