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monthly payment account Vat

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › monthly payment account Vat

  • This topic has 3 replies, 2 voices, and was last updated 10 years ago by Tax Tutor.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
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  • October 20, 2014 at 11:19 am #205094
    josy87
    Member
    • Topics: 172
    • Replies: 215
    • ☆☆☆

    hi Sir
    the company uses the annual accounting scheme.
    the total amount of Vat payable for the year ended 31 December 2013 was £10 200.

    calculate the monthly payment account that will have been made for the year ended the 31 December 2014?

    the answer is 10% of the annual Vat each, but what I dont understand is in the answer the VAT is for 9 months, from April to December.
    thanks

    October 20, 2014 at 7:50 pm #205162
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    You are forgetting that there is a 10th payment, a balancing payment 2 months after the year end – hence the 10% as there are in total 10 payments.

    October 26, 2014 at 10:13 am #206061
    josy87
    Member
    • Topics: 172
    • Replies: 215
    • ☆☆☆

    Sir if I understand clearly, it means on the annual accounting scheme, VAT is always 10 months, and the balancing is for the next year?

    October 27, 2014 at 7:44 pm #206295
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    There are nine payments on account from month 4 to month 12 of the annual VAT return period based on 10% of the VAT payable for the previous year, with a 10th and balancing payment due with the VAT return 2 months after the end of the annual VAT return period.

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