VAT Cash Accounting Scheme

Usually, the amount of VAT you pay HM Revenue and Customs (HMRC) is the difference between your sales invoices and purchase invoices. You have to report these figures and pay any money to HMRC even if the invoices haven’t been paid.

But with the Cash Accounting Scheme you would pay VAT on sales only when your customer has paid you and and reclaim VAT on purchases only when you have paid your suppliers.

To join the scheme your VAT taxable turnover must be £1.35 million or less.

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