1. You should ignore VAT. The entries must exclude VAT. The VAT claimed is in accordance with VAT Act. The entries' sole purpose is to correctly report the financial position at year end.
2. On 1 April you reverse the entries and continue as normal.
1. You should ignore VAT. The entries must exclude VAT. The VAT claimed is in accordance with VAT Act. The entries' sole purpose is to correctly report the financial position at year end.
2. On 1 April you reverse the entries and continue as normal.
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