| 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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