Free Guide on
When a business takes on its first employee, it will usually need to register with HMRC as a new employer …
A Guide to VAT Retail Schemes
There are a number of VAT accounting schemes that can be used by a VAT-registered business as an alternative to the normal methods of accounting for VAT.
These schemes can help certain types of business save time and money.
The VAT retail schemes are specifically for retailers who supply goods to consumers, particularly those who sell a high volume of low-value items. It can be costly and time consuming for a retailer to account for the VAT on each of these items. Therefore, retailers can use a VAT retail scheme to simplify the process of accounting for VAT.
This factsheet explains what the VAT retail schemes are and how they operate.
Share This Guide
You may also be interested in ...
Free Guide on
Where employees receive tips from customers, there are a number of income tax, VAT and National Insurance implications …
Free Guide on
Following registration for Value Added Tax (VAT), VAT-registered traders are responsible for charging …
Free Guide on
Owners or occupiers of shops, offices, warehouses, factories are usually liable for business rates …
Free Guide on
A business that operates as a limited company must submit a set of statutory accounts to Companies House …
Free Guide on
These are voluntary processes that can be used to account for income and expenses under tax self-assessment …
