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  • Writer's pictureAamer Amin

Few VAT accounting scheme explained

VAT and few VAT accounting schemes explained, for further information contact Amin & Co Accountants

Different VAT schemes and turnover threshold


Standard VAT accounting


VAT rates

How standard VAT accounting works

 

VAT to be paid to HMRC

VAT to be reclaim from HMRC



The VAT return – usually filed / submitted every 3 months


 

Paying and reclaiming VAT



 



Cash Accounting scheme vs Standard Accounting scheme


 

There are different flat rates % available as per business category.



Who can use the scheme




Is the Flat rate scheme for you ?


 

In flat rate scheme you cannot claim input tax on purchases but can claim VAT on capital expenditure goods

 


The Annual Accounting Scheme

 

 

Who can use annual accounting scheme



 Advance payment



Balancing payment & VAT return explained

 



 

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