Whether you’re a business owner looking to improve your cash flow or an accountant trying to reduce your clients administrative burden, there may be a VAT scheme out there to help! Here you can find details about all the main VAT schemes available including the second-hand goods scheme, cash accounting and flat rate scheme. You’ll also discover how they can benefit a business, improve cash flow and how to apply for them.
HMRC have launched various different VAT schemes, which businesses can opt into if they feel it will bring benefit. Although it can make things confusing when it comes to choosing the best, they are designed to help with cash flow and reducing administration. In this guide, you’ll find some of the most common VAT accounting schemes, along with the pros and cons of each.
As businesses change and evolve they often want to leave the flat rate VAT scheme because they’ve become ineligible or there is another VAT scheme that becomes more suitable. Leaving the flat rate scheme is simple enough to do. This guide walks you through how to deregister from the flat rate scheme, when to leave and how to handle accounting for final VAT returns.
Find out about the VAT margin scheme for used cars including what cars can be included, record-keeping & calculating figures for VAT returns.
The second-hand margin scheme for horses explained, how it’s beneficial for horse dealers and which numbers are needed for VAT returns.
The VAT global accounting scheme is a variant of the margin scheme made available by HMRC to help businesses in the UK. Find out how the VAT Global scheme works, which businesses are eligible to join the scheme along with the benefits of doing so.
The case of Little Rascal Pets v. HMRC, the second-hand margin scheme and deciding whether puppies are stock or used goods.
Invoicing and record-keeping are essential for any business registered for VAT, but for those using the VAT margin scheme, there are certain additional records that need to be kept and extra information that needs to be put on invoices.
The second-hand good scheme is one of the VAT accounting schemes made available by HMRC to help businesses in the UK. Find out about the rules of the VAT margin scheme, which businesses are eligible to join the scheme along with the benefits of doing so.
Combining the flat rate VAT scheme and annual accounting scheme can be advantageous both for cash flow and simplify VAT reporting. Updated 20 July 2021 1. The Advantages of Combining the VAT Flat Rate and Annual Accounting Schemes Joining both the VAT Flat Rate and Annual Accounting Scheme can be advantageous for eligible VAT registered … Read more
The VAT Annual Accounting Scheme is a VAT scheme designed to reduce VAT administration and improve small business cash flow. In this guide, I’ll explain more about the annual accounting scheme, how to join and the advantages of doing so.