Flat Rate VAT Scheme and Annual Accounting

Flat Rate VAT Scheme and Annual Accounting. If your turnover meets the criteria for the Flat Rate VAT scheme and annual accounting you can apply to join both schemes. This can be advantageous both for your cash flow and reporting. HMRC offers a number of VAT schemes for small businesses aimed to help simplify reporting (more…)

What is the VAT Annual Accounting Scheme?

The Annual Accounting Scheme is available to traders and small businesses designed to reduce their VAT administration and help with cash flow. What is the Annual Accounting Scheme for VAT? The Annual Accounting Scheme lets registered businesses submit one VAT return per year and requires monthly advance payments towards this annual VAT return. Along with (more…)