Accounting for VAT

Checklist

Generally

Leaving scheme

On debts, de-registration

Acquisitions

Admission to scheme

Cessation

Commencement

Death/bankruptcy/incapacity

Eligibility to operate

Insolvency

Lease purchase/hire-purchase/conditional sale/credit sale agreements

Transfer of business as a going concern

Variation of terms of scheme

Withdrawal

Appeals

Bad debt relief

Generally

When leaving scheme

Barter transactions

Cases

Conditions

Credit for input tax

De-registration

Accounting for VAT on debts

Dissolved partnership

Details of

Disadvantages

Dissolved partnership, de-registration

Eligible users

EU sales list

Exclusion for relevant supplies or purchases within scope of flat-rate scheme

Exclusions

Expulsion from scheme

Generally

Protection of the revenue

Factoring and discounting debts

Generally

Hire-purchase agreements

Imports

Input tax

Generally

Payment required

Insolvent traders

Interaction with reverse charge and carousel fraud

Invoice requirements

Invoices

Late returns

Leaving

Accounting for VAT

Bad debt relief

Generally

Increased turnover: tolerance limit

Voluntarily

Money, meaning

Notice, meaning

Operative dates for VAT

Output tax

Cash

Cheque

Credit card

Deductions

Deposits

Factored debts

Generally

Standing orders, etc.

Part-payments

Payment of VAT, time for

Payments below full value

Records

Remaining in, limits

Returns, completion

Second-hand goods, value of supplies

Separate receipts: change in standard VAT rate

Set-offs

Starting to use scheme

Tax point unchanged

Transactions outside scheme

Transfer of business as going concern

Generally

Transfer of registration number

Using without authorisation

Value added tax

VAT rate changes

Where scheme cannot be used for

Withdrawal from