| Can I just make one VAT return per year?
| Yes. By applying to use the Annual Accounting Scheme you can reduce the number of VAT returns from four to one per year. The upper turnover limit for using the scheme is currently £1,350,000. In most circumstances, by using this scheme you will make 9 payments each of approximately 10% of the VAT payable, and one final balancing payment. Thereby spreading your liability over a greater time period, as well as substantially reducing the amount of administration involved in running your business. See VAT notice 732.
Click here to download the Isle of Man application form for this scheme |
|---|
