Sunday, December 31, 2017

Same time next year

Usually, VAT-registered businesses submit their VAT Returns and payments to HM Revenue and Customs 4 times a year.
With the Annual Accounting Scheme you:
  • make advance VAT payments towards your VAT bill - based on your last return (or estimated if you’re new to VAT)
  • submit 1 VAT Return a year
When you submit your VAT Return you either:
  • make a final payment - the difference between your advance payments and actual VAT bill
  • apply for a refund - if you’ve overpaid your VAT bill
The scheme wouldn’t suit your business if you regularly reclaim VAT because you’ll only be able to get 1 refund a year (when you submit the VAT Return).
That sounds like a plan. My fascinating life, eh?

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