- Chasing up debtors is important for good business order
- Paying creditors in a timely manner is often overlooked
- VAT recovery is provisional upon paying suppliers
- VAT must be repaid to HMRC on overdue invoices
- Regular review of aged creditors reports is important
- HMRC may request aged creditor reports for unpaid invoices
- Failure to make VAT adjustments on time is an error for VAT purposes
Source: saffery.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
