VAT - Joining Cash or Annual Accounting Schemes

Question 1

What is the first condition that needs to be met to be able to join a cash or annual accounting scheme?

Answer 1

VAT exclusive taxable turnover expected to be under £1.35 million in next 12 months

Question 2

What is the second condition that needs to be met to be able to join a cash or annual accounting scheme?

Answer 2

VAT returns and payments are up to date

Question 3

What is the third condition that needs to be met to be able to join a cash or annual accounting scheme?

Answer 3

No convictions for VAT offences or penalties in previous 12 months

Question 4

A trader can remain in a cash or annual accounting scheme until…

Answer 4

Taxable supplies from previous 12 months have exceeded £1.6 million