here are various VAT Schemes that it can be helpful to be aware of when registering for VAT. These can help with accounting for VAT and ensuring you deal with HMRC in the most efficient way possible. Some VAT schemes include:
- VAT Annual Accounting Scheme
- VAT Cash Accounting Scheme
- VAT Flat Rate Scheme
- VAT margin schemes
- VAT retail schemes
Talk to one of our friendly experts at Steedman and Company to discuss the various VAT schemes available to VAT registered businesses.
In essence these schemes modify the structure by which you pay VAT to HMRC such as making advance payments or filing only one VAT return per year. This example (the Annual Accounting Scheme) wouldn’t suit a business that regularly reclaims VAT so it is important to understand and implement the correct scheme for your company.