Sage Critical Update Issue

VAT Cash Receipts basis of Accounting

VAT Cash Accounting

VAT Cash

The annual VAT cash receipts basis threshold for small and medium enterprises is being increased from €1.25 million to €2 million with effect from 1st May 2014. This change will assist such businesses in the critical area of cash-flow and reduce administration. If you wish to change from the “invoice” basis to “Cash Receipts” basis on your Sage 50 system, you will need to plan it . We have a set of procedures in place to assist in the changeover so that you don’t pay Vat on the double ! Please contact us to discuss your changeover on (071) 9146815.