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