Looking to grow your Business » Please respond » Go to message
Thank you
Looking to grow your Business » Please respond » Go to message
I have a business that has moved from a turnover of £1.5m PA to a predicted £2.3m PA and we have had to change our VAT from cash to accrual accounting.

The problem for us is that we provide a service and have no manufacturing costs to offset VAT which means at the end of the next quarter we will have to pay the VAT on approx £500k of outstanding debtors (£84,000) plus the invoices created for that quarter.

This will have a considerable effect on our cashflow and actually it is touch and go if we will have that cash available.

Is there any transitioning help facility available?
MDG
Looking to grow your Business » VAT scheme » Go to message
Any update?
Looking to grow your Business » VAT scheme » Go to message
I have a business that has moved from a turnover of £1.5m PA to a predicted £2.3m PA and we have had to change our VAT from cash to accrual accounting.

The problem for us is that we provide a service and have no manufacturing costs to offset VAT which means at the end of the next quarter we will have to pay the VAT on approx £500k of outstanding debtors (£84,000) plus the invoices created for that quarter.

This will have a considerable effect on our cashflow and actually it is touch and go if we will have that cash available.

Is there any transitioning help facility available?