Warning: Creating default object from empty value in /var/sites/n/nimblejackaccounting.co.uk/public_html/wp-content/themes/inspire/functions/admin-hooks.php on line 160

What Is VAT?

What are the different VAT schemes?

There are many different VAT schemes depending on what industry you operate in. Three of the most popular VAT schemes are:

  1. Flat Rate Scheme – easy administration and can be very profitable for contractors and freelancers
  2. Cash Accounting Scheme – very beneficial if customers pay you slowly after you invoice them
  3. Annual Accounting Scheme – less regular administration as you only do one return a year