ACCA guide to... VAT accounting schemes

HMRC offers a range of options depending on your turnover and type of business

VAT accounting schemes can make your life easier, simplifying your VAT accounting and in some cases improving your cashflow. If your taxable turnover of standard and reduced-rated supplies is below £1.35m (excluding VAT), or if you are involved in retail or selling second-hand goods, a VAT accounting scheme could suit you.