VAT Annual Accounting Scheme
Finance & Funding
Key learnings
- The Annual Accounting Scheme is a HMRC initiative to help small businesses by allowing for one annual VAT return, instead of four
- The scheme can help businesses with their cashflow, budgeting and paperwork
- Small businesses with up-to-date VAT returns and taxable supplies not expected to exceed £1.35m can apply for the scheme
- The Annual Accounting Scheme gives businesses an extra month to complete their VAT returns and pay any outstanding tax
The Annual Accounting Scheme is one of several VAT schemes introduced by HMRC over the years. Designed to reduce the administrative burden on small businesses, the scheme allows the submission of one annual VAT return, rather than four. Here, Ryecroft Glenton takes a look at what the scheme is and how it can help your business.
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