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what are controlled accounts?

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Anonymous

12y ago
Updated: 1/14/2023

VAT Control accounts are a nominal account used to track amounts of VAT payable and reclaimable by a business during its normal activities. For each purchase and sale an amount equal to the VAT due or receivable in respect of the transaction will be applied to the account. Reviewing the account balance will show the current total liability to HMRC, although that balance may be more than is actually payable if there is a VAT return due.

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Clovis Waters

Lvl 10
2y ago

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