The most common form of VAT settlements is quarterly, meaning you pay four times a year. Using the Annual Accounting Scheme:
You pay in advance for VAT - the payment is based on the last declaration. If you have just registered, the rate will be charged on the basis of an estimate.
You complete the declaration once a year
By filing a VAT declaration once a year, you pay the difference between what you have already paid during the year and the actual sum or you apply for a refund if the actual amount is lower.
You can use this type of VAT Settlement if your business does not exceed annual turnover of a £1.35 million.
Having previously experienced numerous delays in the completion of my accounts and submission to the relevant authorities by previous accountants, I have to say how much of a refreshing change it has been to have everything dealt with on time By ABS-Service Ltd.
I dreaded each quarter as it came around until I met with the team at ABS-Service Ltd. For the last couple of years all I have had to do is present my paperwork by an agreed date and everything is taken care of. We then had a further chat and I have been able to reduce my VAT bill by over 50%.
We've been dealing with ABS-Service Ltd for 3 years now and have always found their industry knowledge, expert advice and professional service provided by the 'Team' at ABS-Service Ltd a great resource for our company.