SSAP 5 Accounting for Value Added Tax
Issued April 1974. Effective 1 January 1974.
SSAP 5 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015.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:
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.
Last updated 21 June 2015