The VAT Flat Rate Scheme (FRS) does simplify the calculation of VAT returns, but there are certain circumstances when you may no longer use the FRS. You will need to leave if your turnover on the anniversary of joining was more than £230,000 including VAT in the last twelve months or if you expect your…
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VAT accounting schemes
This guide looks at how the 3 main accounting schemes work and how they can help businesses. Special VAT accounting schemes for small businesses have been available for a number of years, but they are still underused. The 3 main schemes are: cash accounting, annual accounting and the flat rate scheme. The cash accounting scheme (CA) Cashflow can Continue Reading
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