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

Cisco Undergoing Changes to Business Model for New Cloud Challenge

Doylestown, PA 08/22/16 · For the employees of Cisco Systems, August can...

Personal Care Aide the Top Growing Healthcare Job in the US

San Francisco, CA 08/17/16 · When it comes to the vast field of...

Bauhaus Restaurant Looking to Hire More Canadian Chefs to Keep Up With Demand

Vancouver, British Columbia 08/16/16 · In just one year, Bauhaus Restaurant has become...

Why and How to Hire a Financial Planner

London, United Kingdom 08/02/16 · Like most people, you probably have hopes and...

Corporate Gifts for Public Relations? Why Not!

San Francisco 08/01/16 · Many companies spend tens of thousands of dollars...

Heero: the Perfect 3D Printing Partner Monitors & Controls Progress

Brisbane, Australia 07/21/16 · Heero: Aussie Design Team Launches Kickstarter for Device...

Wharton MBA Students to Release World’s First Consumer Smart-Mirror

NEW YORK 07/20/16 · A team of Wharton MBA students announced that...

Gallery Pouch Protects your Artwork During Shipping

Dallas, Texas 07/14/16 · Great protective packaging when shipping all delicate objects...

SAP Shows Further Commitment to the SME Market by Hiring New President

London, UK 07/14/16 · If, when you think about SAP SE's main...