Commentary

V7.217 Annual accounting scheme—planning points to consider

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.217 Annual accounting scheme—planning points to consider

Part V7 Tax planning | Commentary

V7.217 Annual accounting scheme—planning points to consider

The following points should be given consideration.

  1.  

    •     Payments on account that are either too high or too low can be adjusted during the year by writing to the Annual Accounting Registration Unit and requesting revised payment terms. The payments on account are based on the previous year's VAT liabilities and many businesses may owe less tax in the current year because of the difficult economic climate.

  2.  

    •     It is unlikely that the annual accounting scheme will benefit repayment traders because they have to wait until the end of the accounting year to

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial