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VAT SPREADING TIM COST OF VALUE ADDED TAX • From
16th June 1988, Page 25
16th June 1988
Page 25
Page 25, 16th June 1988
— VAT SPREADING TIM COST OF VALUE ADDED TAX • From
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1 July small businesses can pay VAT by direct debit every month. Announced by the Chancellor of the Exchequer in the 1987 budget, the VAT Annual Accounting Scheme is available to businesses which have been VAT-registered for over a year, whose taxable turnover does not exceed 2250,000 and are regular-payment traders.
The scheme allows VAT to be spread throughout the year and companies will have to complete only one VAT return a year, instead of four. Traders will also have an extra month to render annual returns and make any balancing payments.
Full details of the VAT Annual Accounting Scheme are in VAT notice 732, available from local VAT offices.