Concise information on the VAT issues you need to consider when running your business.
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 – bad debt relief
VAT Bad debt relief allows businesses that have made supplies on which they have accounted for and paid VAT but for which they have not received payment to claim a refund of the VAT by reference to the outstanding amount.
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 – annual accounting scheme
The annual accounting scheme helps small businesses by allowing them to submit only one VAT return annually rather than the normal four. The scheme is intended to help with budgeting and cash flow and reduce paperwork.
VAT – flat rate scheme
The VAT flat rate scheme for small businesses was introduced to reduce the administrative burden imposed when operating VAT. Under the scheme a set percentage is applied to the turnover of the business as a one-off calculation instead of having to identify and record the VAT on each sale and purchase you make.
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