VAT Annual Accounting Scheme : RushPRNews - Newswire & Global Press Release Distribution

 
Bookmark and Share

VAT Annual Accounting Scheme

June 21, 2013

VAT Annual Accounting Scheme
Company Logo

London, UK (RPRN) 06/21/13 — Over the years HMRC has introduced a number of VAT schemes helping small businesses reduce the burden of administrative duties. The annual accounting scheme means companies are only producing one VAT return a year, in comparison to the usual four. Instalments still need to be paid throughout the year based on the businesses annual liability.

Application to join the scheme must be made on form 600(AA) which can be found at the back of VAT Notice 732. Eligibility for the scheme must be considered because certain stipulations apply. Firstly, a company cannot apply if their taxable supplies will exceed £1,350,000 within the next 12 months. Following this, businesses current VAT returns must be kept up to date and it is not possible to register as a group of companies. For further help with the term and conditions, please contact us for specialist advice.

The amount required for the instalments needed

VAT Annual Accounting Scheme
VAT Annual Accounting Scheme
to be paid will be advised by the HMRC but there are several payment options. Businesses that have been registered for 12 months or more will pay their VAT in nine monthly instalments of 10%, of their previous year’s liability. An alternative choice would be to pay their VAT in three quarterly instalments of 25% of their previous year’s liability, falling due at the end of months 4, 7 and 10. Get in touch so we can help you make the appropriate selection for your business.

The scheme can help your business with budgeting and cash flow, and reduce the amount of paperwork, although, a possible disadvantage is interim payments being higher than needed because they are based on your previous year.

For further information on the annual accounting scheme please follow this link: http://www.kingandtaylor.co.uk/wp-content/uploads/2012/01/VAT_Annual_Accounting.pdf. Also please contact us via are website, so we can help you plan your VAT administration and help you decide whether the annual accounting scheme would be beneficial for your business.

Media Contact Name: Dean Spencer
Media E-mail:
Media Phone: 01332253840
Media Web Address: http://www.grapevine-marketing.co.uk
Company Contact Name: Joanna Trinder
Company E-mail:
Company Phone: 01474 569777
Company Web Address: http://www.kingandtaylor.co.uk
Click here to see all news from this author/company

Filed Under: BANKING AND FINANCIAL NEWS, PRESS RELEASE, United Kingdom

RUSH PR NEWS newswire and press release services at rushprnews.com / Anne Howard annehowardpublicist.com

Content- Legal Responsibility - All material is copyrighted - You may repost but you MUST link back to the original post on your page and acknowledge Rush PR News as the news source. Rush PR News is not legally and/or morally responsible for content of press releases, opinions expressed or fact-checking.

Rush PR News cannot be held legally responsible for material published and distributed through its newswire service or published in its press-room and therefore cannot be sued for published material. Third-party must be contacted directly to dispute content.

Rush PR News is not the contact for material published.

RSSFeed PRESS & SOCIAL MEDIA RELEASES

Canadian actor/producer Corey Large presents the drug drama ‘Kid Cannabis’ out April 18

Los Angeles/Vancouver 04/14/14 ·  For Canadian actor/producer Corey Large, the drug drama...

Newborn Foundation Presents at 13th Design of Medical Devices Conference on Innovation for Developing Nations

MINNEAPOLIS, MN 04/10/14 · - Newborn Foundation co-founder and chairman Annamarie Saarinen...

Uk firms can succeed at exporting, says Ultraseal International

Ann Arbor, MI 04/09/14 · Understanding markets overseas is the key to exporting...

First App Created for General Public by Academy's Sci-Tech Council

Beverly Hills, Calif. 04/07/14 · ACADEMY COLOR PREDICTOR LAUNCHES ON iTUNES –The Academy Color...

Grand Estates Auctions sells highest priced home in five years in Pasco County, Florida.

Charlotte, North Carolina 04/04/14 · Sale achieved at auction sets a new benchmark...

Students Create Online Planetary Improvement Network

BOURNEMOUTH, UK 04/04/14 ·  Students from Oxford and Harvard, in cooperation with...

Sharing Meals Online May Reduce Loneliness and Improve the Dining Experience

BOURNEMOUTH, UK 04/04/14 ·  An online eating trend that began in Korea...

Consiglio’s Kitchenware & Gift Offer 4-Year Warranty on Latest Saeco Espresso Machines

Toronto, ON 04/01/14 · Leading provider of brand name kitchenware, Consiglio’s Kitchenware...

5 Tips for Finding A Reputable Luxury Property Auction House

Charlotte, North Carolina 03/28/14 · - Advice for Homeowners Seeking to Auction Their...

UN Commission Call for Increased Efforts to Promote Gender Equality in ‘Post-2015 Agenda’ Welcomed

Toronto, ON 03/28/14 · Children’s organization, Plan International welcomes the strong call...

Spring forward: time to refresh how we approach Google

San Francisco/London/Montreal 03/28/14 · There have been tremendous changes the past year...

Reduce Your Business Waste

London, UK 03/24/14 · With the issue of climate change not likely...

Craig Jones Joins Community Foundation of Collier County

Naples, FL 03/22/14 · Community Foundation of Collier County President/CEO, Eileen Connolly-Keesler,...

Springtime public relations is effervescent

San Francisco/London/Montreal 03/21/14 · Following a gruesome winter, Spring 2014 is promising...