This module deals with the aspects of VAT which are particularly relevant to small and medium sized businesses. It begins by looking at registration in the context of small business and whether such registration can be avoided by business splitting. It also explores the advantages of the flat rate scheme for small business, how retail schemes are dealt with and finally the procedures for correcting errors.
On completion of this module you will gain an understanding of:
- the impact of the registration threshold on small businesses
- when business splitting is or is not acceptable
- the operation of the flat rate scheme for small business
- the cash accounting and annual accounting schemes
- when and how the retail schemes are used
- how to deal with claims and adjustments of VAT.