Commentary

V7.216 Types of business that could benefit from using the annual accounting scheme

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.216 Types of business that could benefit from using the annual accounting scheme

Part V7 Tax planning | Commentary

V7.216 Types of business that could benefit from using the annual accounting scheme

Although the annual accounting scheme has definite limitations, there are many instances where the scheme could be worthwhile. The following examples make it worthy of consideration.

  1.  

    •     If a client has a persistent record of putting returns in late, and incurring default surcharges, then the reduced number of VAT returns and discipline of monthly electronic payments may be beneficial. In reality, the client could save time on completing returns – and spend more time running his business.

  2.  

    •     The scheme is quite attractive to businesses that are

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