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 (rushPRnews) 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 Phone: 01332253840
Media Web Address: http://www.grapevine-marketing.co.uk
Company Contact Name: Joanna Trinder
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 / AH Marketing ahmarketinggroup.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

High-Tech Bridge Uncovers Large Number Of Fraudulent Cybersecurity Company Domains

San Francisco, US/ Geneva, Switzerland 05/26/16 · Research into the proliferation of fraudulent domains affecting...

Compliance Map tracks Country of Origin in complex supply chains

Solihull, United Kingdom 05/26/16 · The Compliance Map, a developer of environmental compliance...

Fast Lane Announces Global IT Security Training Partnership with NotSoSecure

Morrisville, NC 05/25/16 ·  - Business news -  Fast Lane Announces Global IT...

Publishing A Magazine To iPad Is Affordable With Twixl Publisher

Santa Cruz, California 05/21/16 · Fear Not: Solution is at hand to combat...

Losode.com making an impression in Virgin Media’s #VOOM 2016

London, United Kingdom 05/19/16 · Losode.com making an impression in Virgin Media’s  #VOOM...

Wayne Gretzky named A Great Canadian for the Canada D’Eh Run

Amherstburg ON 05/18/16 · Participants Voted And They Have Chosen The Great...

VOTE for Losode.com, an innovative fashion destination by Africans #VOOM 2016

LONDON, UK 05/16/16 · CROWDFUNDING CAMPAIGN-  Losode.com, an innovative fashion destination by...

Whom Can You Trust To Make Your Car Keys?

Toronto, Ontario 05/16/16 · Pop-A-Lock, the largest security network in North America,...

How to Fix Common Boiler Problems

Keighley, UK 05/14/16 · We ALL totally rely on our boilers to...

2016 Springtime Public Relations is Made Easy With PR Coupon

SAN FRANCISCO 05/14/16 · Spring 2016 is promising to be a time...

Fast Lane Joins the IoT Talent Consortium

Morrisville, NC 05/12/16 · - Fast Lane (www.fastlaneus.com) has accepted a role as an...

BOSS Mentors Give Local Young Women Entrepreneurial, Etiquette and Lifestyle Skills

Windsor, Ontario 05/10/16 ·  Best Opportunity to Support Self  – Manners and money...

Time to Replace Your Boiler Then Buy British with Ideal Boilers

Keighley, United Kingdom 05/05/16 · Ideal Boilers is a British Manufacturer based in...