Taxable persons must keep and maintain an account known as the 'VAT Account' as per Regulations made under VATA 1994, Sch 11, para 6(1)1. This account is divided into separate parts each relating to a prescribed accounting period. Each such part is sub-divided into two portions known as 'the VAT payable portion' and 'the VAT allowable portion'2.
VAT payable portion
The VAT payable portion represents a calculation of the VAT due required to be shown in Boxes 1 and 2 of the trader's VAT return3. It comprises the following elements.
A total of the output tax due from the taxable person for the prescribed accounting period concerned4
From IP completion day, output tax due for a prescribed accounting period in respect of supplies and acquisitions of goods in Northern Ireland5 made by the taxable person is calculated in accordance with the provisions described in V3.501. However, an estimate may be used in the circumstances described in V3.505. Separate totals are required in respect of supplies
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