Sage Critical Update Issue

VAT Cash Receipts basis of Accounting

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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.

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