I need help with.....

Cash accounting scheme

When you are VAT registered, the cash accounting scheme means you declare VAT when you either receive a payment from your customer or you make a payment to a supplier.

The cash accounting scheme can only be started if the taxable turnover does not exceed £1.35 million during the next tax year.  You can continue to use the cash accounting scheme if the taxable turnover does not exceed £1.6 million thereafter. 

Ideal for small businesses, the cash accounting scheme ensures you only need to pay VAT once you have been paid it yourself.

I need help with ...


Follow

Have more questions? Submit a request

Comments

Powered by Zendesk