Vat Question

sohappy

Can someone clear this up for me please,
If a sole trader registers for vat on a cash basis at the start of a vat period and most of the turnover is invoiced with 30 days credit is he liable for vat on monies recieved in the vat period but was invoiced before he became vat registered and no vat was charged on these invoices,

sohappy

Bump.

Alan Shore

I'm sure someone will be along shortly with the answer.

Legend100

no taxable supply took place on the issue of the original invoice so no VAT is due on the money received for these invoices

I'm trying to find a reference for this but haven't been succesful yet. Il come back to you if I do

sohappy

Legend100 wrote: »

no taxable supply took place on the issue of the original invoice so no VAT is due on the money received for these invoices

I'm trying to find a reference for this but haven't been succesful yet. Il come back to you if I do

Thanks for the reply, that would make sense.

Mr. Incognito

You can elect either cash receipt or invoice basis

http://www.revenue.ie/en/tax/vat/guide/received-basis.html

namenotavailablE

See the secondlast paragraph of section 5 of the page linked by Mr.Incognito.