Accounting for VAT on moneys received

Overview

This section sets out the basis on which Value-Added Tax (VAT) registered persons may opt to account for VAT on the basis of moneys received.

It describes how such persons may apply to operate this scheme and the rules of the scheme.

This guidance should be read in conjunction with the VAT guidance special schemes for retailers which deals with special schemes for estimation of sales for each VAT rate by retailers.

Next: Who may opt for the moneys received basis?