If you thought there was just one way to account for VAT, then think again!
There are several VAT schemes you can operate, some of which are applied to certain sectors. You may
- Operate a Shop (VAT Retail Scheme)
- Sell takeaway food (VAT Catering Scheme)
- Sell second-hand cars, works of art or antiques (VAT Margin scheme)
If you operate by selling regular goods and services then you have options on how you account for your VAT
- VAT Annual Accounting Scheme
- VAT Flat Rate Scheme
- VAT Cash Accounting Scheme
- VAT Accrual Accounting Scheme
We can you help you select the right VAT Scheme which could help maximise your cashflow and potentially make a VAT surplus by using the Flat Rate Scheme.