VAT

Concise information on the VAT issues you need to consider when running your business. Click on the links below to access the relevant information.

VAT - a summary
VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them. This factsheet highlights some of the areas that you need to consider when running your business.
VAT - annual accounting scheme
The annual accounting scheme helps small businesses by allowing them to submit only one VAT return annually rather than the normal four.
VAT - bad debt relief
This factsheet explains the situations where the VAT bad debt relief applies.
VAT - cash accounting
Cash accounting enables a business to account for and pay VAT on the basis of cash received and paid rather than on the basis of invoices issued and received. The factsheet explains the workings of cash accounting.
VAT - flat rate scheme
The VAT flat rate scheme for small businesses was introduced to reduce the administrative burden imposed when operating VAT. Under the scheme a set percentage is applied to the turnover of the business as a one-off calculation instead of having to identify and record the VAT on each sale and purchase you make. This factsheet explains how the VAT Flat Rate Scheme works.
VAT - seven key points for the smaller business
This factsheet focuses on VAT matters of relevance to the smaller business. A primary aim is to highlight common risk areas as a better understanding can contribute to a reduction of errors and help to minimise penalties.
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We answer some key questions.

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Kounnis And Partners is a trading name of Kounnis And Partners Ltd. Registered office: Kounnis And Partners (incorporating Goldin & Co. AND Michael Barrs & Company), Sterling House, Fulbourne Road, Walthamstow, London E17 4EE Registered in England and Wales No. 4205389 Registered to carry on audit work by the Association of Chartered Certified Accountants. Regulated for a range of investment business activities by the Association of Chartered Certified Accountants.

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