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Hi everyone
I have a retail client who has de-registered for VAT. She is in the process of completing a stock take as I know she has to account for the VAT recovered on items now selling without VAT. How do I account for this in the books? I have the VAT return to do and I'm a bit unsure of the journals. As an example. say the stock is £10K nett £2K VAT - is it as simple as £12K stock asset (T9), £10K closing stock (T1), £2K VAT (T1)? I'm always a bit suspicious when it seems that easy!
Appreciate your help!
Trace
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