Selecting the right VAT Scheme

Posted by admin - August 8, 2014 3:12 pm Selecting the Right VAT scheme

In contrast to standard VAT accounting, there are several alternative ways to account for VAT that could save you time and money. All choices have advantages and disadvantages, with these highlighted in the following table.

Other VAT schemes

These include VAT Rate Scheme for Retailers, Margin Schemes and Tour Operators Margin Schemes. These are specialist schemes which may or may not be applicable.

You will need to meet HMRC’s criteria to join these schemes. The schemes may also be available to join at registration which could mean additional savings for your company.

If you are interested in any of the schemes detailed above, please contact your local MFW office.