Paying VAT on Withheld funds?
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Seller_DYqVnNOR5O3hN

Paying VAT on Withheld funds?

Are we still liable to pay VAT for sales, even for witheld funds?

For example, if I make a sale for €100, and they withhold all €100, am I still responsible for filing and paying VAT on this sale, even though I have no money in my bank?

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Seller_ejwc84JNL5Uk6
In reply to: Seller_DYqVnNOR5O3hN’s post

Yes you are - the buyer has paid it so Vat is payable when due.

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Seller_fMsCVAHNu4txH
In reply to: Seller_DYqVnNOR5O3hN’s post

VAT is usually only done quarterly, and the filing is only actually due the month after the end of the current quarter.

So from the latest sale, you’ve got at least one month before the VAT needs to be paid.

So why would they be witholding that long?

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