Thanks Joe! No VAT on sales, only on expenses, so will list VAT amount due from revenue under debtors.
Do I add this amount to other debtors in the notes or call it Taxation, Revenue or VAT? What's the standard practice?
Do I also add VAT amount under debtors on invoices that were unpaid at the end of financial year? I.e. net amount is under creditors/accruals on B/S and the VAT amount does not need to be included anywhere? I'm I correct? Or maybe I have to add whole amount incl. VAT under creditors/accruals and then again only the VAT amount under debtors?
Thanks again for such a prompt response!
Sean