Cash flow problems


If you are having cash flow difficulties andyour business meets certain criteria you may be eligible for the cash basis for returning VAT on sales.

Ifthe answer is yes to one of the above questions, you can apply in writing to your local Revenue District confirming that youmeet either one of the above conditions. If you are found to be eligible for the Cash Basis you will be notified with an effective date. You will then only need to include VAT on Sales on future Vat Returns when and only the cash is received. Be careful not to include sales you had already accounted for while on the Invoice Basis.

Itis important to note the following points:

For further information, please visit the Revenue website or contact Sarah Gallagher, Manager - OSK Audit.

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