- The VAT Annual Accounting Scheme simplifies VAT returns and payments for eligible UK businesses.
- It allows businesses to submit one VAT return annually and make instalments towards their final VAT bill.
- Payments can be made monthly or quarterly, providing flexibility for cash flow management.
- To be eligible, businesses must have a taxable turnover not exceeding £1.35 million, a valid VAT registration number, and meet certain exceptions.
- The scheme is suitable for businesses with stable turnover but may not be ideal for those regularly reclaiming VAT or experiencing significant fluctuations in turnover.
- Eligible businesses can enroll in the scheme online or by submitting a postal application.
- Payment options include monthly or quarterly instalments, with a final balancing payment due two months after the accounting period.
Source Taxually
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