Contra non-VAT bill against VAT account
OllieMartin
Registered Posts: 1
in VAT
I am looking to buy a car off one of our companies customers. This customer owes our company some £40,000 (including VAT). They have suggested a contra for the value of the car against their account and they I will pay our company back for the car.
In this way our company is able to recoup some of the debt and I am given a grace period to sell my current car.
However, how can we contra a bill with no VAT (the car) against invoices with VAT (what the customer owes us), without our company picking up the bill, me having to pay VAT on top of the car price or doing something illegal?
Any help is appreciated.
In this way our company is able to recoup some of the debt and I am given a grace period to sell my current car.
However, how can we contra a bill with no VAT (the car) against invoices with VAT (what the customer owes us), without our company picking up the bill, me having to pay VAT on top of the car price or doing something illegal?
Any help is appreciated.
0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 322 NEW! Qualifications 2022
- 159 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 93 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 274 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 201 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership