Glossary of Accounting for Business - Glossario Contabilità per le Imprese

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Unpresented Cheques: cheques paid out which are passing through the bank clearing system, but have not yet been presented to the bank where the account is maintained.

Unregistered Business: a business that is not VAT registered. It ignores VAT and treats it as part of the cost of purchases. It does not charge VAT on its outputs. It does not need to maintain any record of VAT paid.