The latest guidance now the first quarter is well underway.
The first quarter is now well underway, covering 1 April to 30 June.
VAT 700/22: Making Tax Digital for Vat has been updated with guidance on a number of areas added, covering supplier statements, petty cash transactions and charity fundraising events.
It is worthwhile checking through some of the record keeping options and relaxations.
For charities, the following rule has the force of law:
‘Where supplies are made or received during a charity fundraising event run by volunteers you may treat all supplies made as covered by one invoice for the event, and all supplies received as covered by one invoice for the event, for the purposes of the digital record keeping requirements.’
For recording of supplies the following rule has the force of law:
‘Where you need to apportion the output tax due on a mixed rate supply with a single inclusive price you do not have to record these supplies separately. You can record the total value and the total output tax due.’
Article from ACCA In Practice