Factsheets
VAT

VAT – a summary

VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them.

VAT – annual accounting scheme

HMRC have introduced a number of VAT schemes over the years designed to reduce the administrative burden on small businesses. One such scheme is the annual accounting scheme.

VAT – bad debt relief

It is quite possible within the VAT system for a business to be in the position of having to pay over VAT to HMRC while not having received payment from their customer.

VAT – cash accounting

Cash accounting enables a business to account for and pay VAT on the basis of cash received and paid rather than on the basis of invoices issued and received.

VAT – flat rate scheme

The flat rate scheme for small businesses was introduced to reduce the administrative burden imposed when operating VAT.

VAT – seven key points for the smaller business

Making Tax Digital for VAT (MTDfV) is being introduced from April 2019. See our factsheet on the new mandatory digital record keeping and digital VAT return requirements.

Book Appointment

Meet with Syed Murtaza

Chartered Certified Accountant
meet-img
Meet over the phone or face to face Check Availability

Book an appointment today

We are always ready. Just drop us your name and number and our team will get it touch