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.
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