
How can I prepare and file VAT return?
How can I prepare and file VAT return?
Preparing VAT return is not an easy task. Most of the businesses have to prepare and file VAT returns every quarter. There are many schemes (other than Standard Rate Scheme) that HMRC allows you to adopt based on your business type and turnover. It is necessary to evaluate which is the best scheme for you as it can potentially reduce tax burden. You can use below table to ascertain best scheme for you;
VAT accounting scheme | Threshold to join scheme | Threshold to leave scheme |
Flat Rate Scheme | £150,000 or less | More than £230,000 |
Cash Accounting Scheme | £1.35 million or less | More than £1.6 million |
Annual Accounting Scheme | £1.35 million or less | More than £1.6 million |
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