SSAP 5 Accounting for Value Added Tax

SSAP 5 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015. For more information visit:

• icaew.com/newukgaap

Synopsis

• Turnover should be shown in the profit and loss account net of VAT.
• Irrecoverable VAT should be included in the cost of the items (normally fixed assets).
• The net amount of VAT due to/from the revenue authorities should be included as part of creditors/debtors.

• Read FRC Summary on SSAP 5 

Last updated 21 June 2015