The three-letter word we love to hate.
It is crucial to choose the right VAT scheme for your business. Many of these decisions will depend on the business expenses you claim, the types of goods or services you sell and also what your future turnover will be.

At KFS Accountants we can talk you through the various VAT schemes available from standard accrual to flat-rate and annual accounting schemes.
With Making Tax Digital (MTD) it is vital that if your business is going to have a turnover of £85,000 in a rolling 12-month period, that you register and file your returns electronically. HMRC are phasing out filing VAT returns via their website (no more copying and pasting allowed!).
This means that if you are not using a cloud-based book keeping system, speak to KFS Accountants and we can get you set up for MTD VAT filing using Xero or FreeAgent.

If you want to read more information on ‘Making Tax Digital (MTD)’, ‘VAT Specialist Schemes’ or Cash basis Accounting for tax’ then go to our Factsheets menu option where they can be downloaded for free.

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