Very happy with Critchleys, as always
Beril Branch
Improving VAT cashflow
Julian Borley Says
"Typically, VAT applies to most of an organisation's sales and purchases. So the impact on cashflow can be quite marked. If cash is tight, you might want to consider the following questions.
- Would I benefit from the Cash Accounting or Annual Accounting Schemes?
- Am I claiming input tax at the earliest possible point?
- Am I claiming relief from VAT on bad debts?
- If I import, would I benefit from a deferment account?
- If I receive quarterly income, e.g. property rental income, does the rental invoice fall at the beginning or end of my VAT period?
- If I receive repayments of VAT, should I be submitting monthly VAT returns?
- Could I benefit from the use of pro-forma invoices or applications for payment?
- Am I accounting for VAT on sales before I need to?
- For Corporate Groups, what is the impact of inter-company charges?"