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VAT return for a FHL business

  • Member PM.Dip
  • Practice Licence
  • 12 posts
  • # 119965

Hi Everyone,

I have a client who runs a FHL and has recently registered for VAT on a cash basis. The property is rented out usings four different agents and also by referral/directly with owner.

I have been provided with the various statements and booking details for the period, but am unsure as to what exactly needs to be reported on the VAT return. Will the income be the actual amounts received during the quarter - i.e. any monies remitted to the bank account, or would it also need to include the payments received by the agents during the period?

I have been unable to find a definite answer online so am hoping someone here can help!
  • Member
  • Practice Licence
  • 16 posts
  • # 119966

Hi, I would assume that if Vat is on cash basis then you would only include amounts received into the bank during the relevant period. presumably any monies received by the agent would be forwarded on to your client (less commission)? Don't forget also that there is a current temporary reduced rate of 5% 

 

Terry
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