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The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Late in issue of invoices, what tax point date to use
Post Info TOPIC: Late in issue of invoices, what tax point date to use
Mr_Maloney


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Late in issue of invoices, what tax point date to use
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I should probably start by saying I'm not a book-keeper, but do my own books (at the moment).  Due to illness over the past 12+ months, I've got behind with my paperwork, particularly issuing invoices and doing my book-keeping. My business is VAT registered.  I have continued to work for clients, and although the work has dipped, I do have a significant value of invoices I need to raise.  I've been paying VAT determinations for not submitting VAT returns. 

My question is, do I raise the invoices now and put today's date on them or do I go through and raise backdated invoices month by month when the work was done (I do at least have this record) and thus account for it properly?  My main concern is VAT as although the period straddles my financial year end, this could be adjusted for via accruals etc in relation to P&L/balance sheet etc. 

I have started to make enquiries with a couple of book-keepers to help me going forwards so I don't get in a hole again, but I'd like to clear the mess up a bit before I engage someone.

 



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RobH


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You need to work out your tax points (which can be different from the invoice date but usually people keep these the same). In general the tax point is when the goods or services are supplied or when you received payment if that is earlier than the supply. Of course if you are on cash accounting, you account for the vat when you have received payment. The important thing is that you need to get your vat returns in irrespective of whether you are going to pay them (though obviously you will be chased for that too). The determinations are going to be wrong, so be prepared to have an additional payment to make if HMRC have under assessed you. Let HMRC know you were ill, they may give you some dispensation on fines if they agree it is a good enough reason for not submitting.

Glad you seem to be better now, check out some of the bookkeepers who post advice on here and are local to you.

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Rob
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