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What is VAT annual accounting scheme?
Better for Cashflow
Suitable for business for late paying customers
Preferred by many
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How Annual Accounting Scheme works?
The VAT Annual Accounting Scheme aims to simplify VAT reporting and payments for businesses with an annual VAT taxable turnover under a certain threshold.
Eligibility:
Businesses with an annual taxable turnover below the threshold set for the scheme can apply.
Reporting and Payments:
Instead of quarterly returns, businesses only need to submit one annual VAT return, along with making advance payments based on an estimated liability.
Cash Flow Benefits:
The scheme helps smoothen cash flow as businesses make regular advanced payments throughout the year instead of larger quarterly payments.
Adjustment:
At the end of the year, any difference between the estimated liability and the actual liability is either refunded or paid.
Things to know before registering for VAT annual accounting scheme?
You Can't use the scheme if you:
What is VAT payment deadline?
It's one month and 7 days
What is VAT reporting deadline?
It's one month and 7 days
What VAT schemes are available?
Cash Accounting scheme
VAT Flat accounting scheme
VAT margin scheme
VAT annual accounting scheme.
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