{"id":244,"date":"2017-10-03T00:00:00","date_gmt":"2017-10-02T23:00:00","guid":{"rendered":"http:\/\/duffyregan.co.uk\/index.php\/2017\/10\/03\/pay-your-vat-monthly\/"},"modified":"2017-10-03T00:00:00","modified_gmt":"2017-10-02T23:00:00","slug":"pay-your-vat-monthly","status":"publish","type":"post","link":"http:\/\/duffyregan.co.uk\/index.php\/2017\/10\/03\/pay-your-vat-monthly\/","title":{"rendered":"Pay your VAT monthly"},"content":{"rendered":"<p>If you find it difficult to manage quarterly payments to HMRC to settle your VAT, why not consider the VAT Annual Accounting Scheme (AAS).<\/p>\n<p>With the AAS you:<\/p>\n<ul>\n<li>make nine payments on account towards your annual VAT bill &#8211; based on your last returns (or estimated if you&rsquo;re new to VAT), and<\/li>\n<li>submit one VAT Return a year.<\/li>\n<\/ul>\n<p>When you submit your VAT Return you either:<\/p>\n<ul>\n<li>make a final payment &#8211; the difference between your advance payments and actual VAT bill, or<\/li>\n<li>apply for a refund &#8211; if you&rsquo;ve overpaid your VAT bill.<\/li>\n<\/ul>\n<p>The scheme wouldn&rsquo;t suit your business if you regularly reclaim VAT because you&rsquo;ll only be able to get one refund a year (when you submit the VAT Return). Also, you can only join the scheme if your estimated VAT taxable turnover is &pound;1.35 million or less.<\/p>\n<p>However, smoothing the cash flow impact of VAT payments can be helpful as is submitting one VAT return a year instead of four returns.<\/p>\n<p>The annual return, and any balancing payment, need to be submitted within two months of the annual year end date for VAT purposes.<\/p>\n<p>You can&rsquo;t use the scheme if:<\/p>\n<ul>\n<li>you left the scheme in the last 12 months<\/li>\n<li>your business is part of a VAT registered division or group of companies<\/li>\n<li>you are not up to date with your VAT Returns or payments<\/li>\n<li>you are insolvent<\/li>\n<\/ul>\n<p>You must leave the scheme if:<\/p>\n<ul>\n<li>you&rsquo;re no longer eligible to be in it<\/li>\n<li>your VAT taxable turnover is (or is likely to be) more than &pound;1.6 million at the end of the annual accounting year<\/li>\n<\/ul>\n<!-- -->","protected":false},"excerpt":{"rendered":"<p>If you find it difficult to manage quarterly payments to HMRC to settle your VAT, why not consider the VAT Annual Accounting Scheme (AAS). With the AAS you: make nine payments on account towards your annual VAT bill &#8211; based on your last returns (or estimated if you&rsquo;re new to VAT), and submit one VAT [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-244","post","type-post","status-publish","format-standard","hentry","category-uncategorised"],"_links":{"self":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=244"}],"version-history":[{"count":0,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/244\/revisions"}],"wp:attachment":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=244"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}