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

The Flat Rate 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