Tax
VAT Schemes
Cash Accounting, Annual Accounting, and Flat Rate VAT Schemes
1 CPD credit on completion
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Certificate on completion
Downloadable resources
Self-paced learning
About This Course
Course Information
This course covers the different schemes to be followed for computing VAT. It separately covers three key schemes; cash accounting scheme, annual accounting scheme and flat rate scheme.
Certificate on Completion
This course is made up of videos, questions and additional reading materials and accounts for 1 unit of CPD. One unit is the equivalent of one hour of learning.
Course Sections
This course is made up of the following sections:
- Cash Accounting Scheme – Video and Quiz
- Annual Accounting Scheme – Video and Quiz
- Flat Rate Scheme – Video and Quiz
- Additional Reading Materials
What You Will Learn
- Describe the conditions for joining the cash accounting scheme, including the £1.35 million turnover threshold
- Calculate VAT liability under the cash accounting scheme using cash received and payments made
- Explain how the annual accounting scheme spreads VAT payments across nine instalments plus a balancing payment
- Apply the flat rate scheme percentage to VAT-inclusive turnover to compute VAT due
- Compare the advantages and disadvantages of each scheme to determine which suits a particular business
- Identify the circumstances that require a trader to leave a scheme, such as exceeding the £1.6 million exit threshold
Who This Course Is For
- Tax advisors helping small and medium businesses choose between VAT schemes
- Accountants who prepare VAT returns for clients using special schemes
- Finance professionals looking to understand how cash accounting, annual accounting, and flat rate schemes differ in practice
Prerequisites
- Basic understanding of how VAT returns work on the standard (invoice) basis
- Familiarity with the concept of input and output VAT
Frequently Asked Questions
Course Details
CPD Credits1
CertificateYes
Pricing
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