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VAT on a cash basis

  • Member PM.Dip
  • Practice Licence
  • 137 posts
  • # 115992

Hello All,

My clinet has received a Pro-forma invoice for products that have a VAT element.

With standard VAT I wouldn't account for the VAT until an invoice was received.  But what happens with VAT on a cash basis? 

On a cash basis I am suposed to account for VAT when cash changes hands, so I am guessing that this is when I receive the Pro-forma, even thought the document sais that it is not a valid VAT document.

Thanks

  • Member PM.Dip
  • Practice Licence
  • 90 posts
  • # 116013

Hi tedius,

You should find that a full invoice is issued, and it will be dated on the date of the payment.  Sometimes you will have to chase for the full invoice, it depends on the system used by the supplier.

Hope that helps,

Fiona

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