Just about everyone has heard of VAT (value-added tax). We’re used to paying it on many of the goods and services we purchase as we go about our everyday lives.
But when you have your own business, you’ll learn a whole new world of VAT exists as you work out how to apply it to your own trade. That’s because there are numerous VAT accounting schemes that HMRC offers, and which one is right for you will depend on the nature of your business.
To get you up to speed, we’ll take a look at each of the main VAT accounting schemes, explaining how they work and who they might suit.