VAT and few VAT accounting schemes explained, for further information contact Amin & Co Accountants
Different VAT schemes and turnover threshold
Standard VAT accounting
VAT rates
How standard VAT accounting works
VAT to be paid to HMRC
VAT to be reclaim from HMRC
The VAT return – usually filed / submitted every 3 months
Paying and reclaiming VAT
Cash Accounting scheme vs Standard Accounting scheme
There are different flat rates % available as per business category.
Who can use the scheme
Is the Flat rate scheme for you ?
In flat rate scheme you cannot claim input tax on purchases but can claim VAT on capital expenditure goods
The Annual Accounting Scheme
Who can use annual accounting scheme
Advance payment
Balancing payment & VAT return explained
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