Clear & Lane Chartered Accountants & Business Advisors
Clear & Lane Financial Services Limited
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VAT
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.
 
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.
 
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.
 
VAT Flat Rate Scheme
The flat rate scheme for small businesses was introduced to reduce the administrative burden imposed when operating VAT.
 
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.