• Value Added Tax

Value Added Tax (VAT)

> VAT
VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them.

> VAT Annual Accounting Scheme
HM Revenue & Customs (HMRC) have introduced a number of VAT schemes over the years designed to reduce the administrative burden on small businesses. One such scheme is the annual accounting scheme.

> VAT – Cash Accounting
Cash accounting enables a business to account for and pay VAT on the basis of cash received and paid rather than on the basis of invoices issued and received.

> VAT Flat Rate Scheme
The flat rate scheme for small businesses was introduced to reduce the administrative burden imposed when operating VAT.

> VAT – Bad Debt Relief
It is quite possible within the VAT system for a business to be in the position of having to pay over VAT to HM Revenue & Customs while not having received payment from their customer.

> VAT – Seven Key Points for the Smaller Business
This factsheet focuses on VAT matters of relevance to the smaller business. A primary aim is to highlight common risk areas as a better understanding can contribute to a reduction of errors and help to minimise penalties.

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