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VAT- cash accounting

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › VAT- cash accounting

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by Tax Tutor.
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  • November 24, 2015 at 11:57 pm #285047
    Marko
    Member
    • Topics: 8
    • Replies: 5
    • ☆

    Can you please clarify me its main disadvantage: Input VAT will only be recovered on a cash basis? When input VAT can be recovered?

    November 25, 2015 at 1:52 pm #285189
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    The tax point in determining which return period a purchase or expense will be allocated to, will now be when the payment is made rather than being based on the invoice date which would usually be earlier. This may therefore put the input tax to be recovered into a later VAT return period thus delaying the recovery of that input VAT

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