Just about everyone has heard of VAT (value-added tax), but did you know there are different VAT accounting schemes on offer?
We’re used to paying it on many of the goods and services we purchase as we go about our everyday lives. But when you have your own business, you’ll learn a whole new world of VAT exists as you work out how to apply it to your own trade. That’s because there are numerous schemes that HMRC offers, and which one is right for you will depend on the nature of your business.
To get you up to speed, we’ll take a look at each of the main VAT accounting schemes, explaining how they work and who they might suit.
>> Download our ‘VAT accounting schemes’ Guide
The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.