Your Business Health Check Accounting for VAT in the standard way can be confusing, time-consuming and costly for some small businesses. If this is familiar to you then you may be interested to know that there is an alternative! Our research showed that 81% of businesses are unaware that they could use a combination of schemes to calculate and make their VAT payment, potentially reducing the amount of time and effort spent administering VAT. Click here for more information. How simplified VAT schemes can help your Business Each scheme has different benefits. Used together these can include:- Simpler record keeping and time saving Certainty about how much of your takings will need to be paid to HMRC Little chance of mistakes, so fewer worries No more problems about what “input tax” can be claimed Flexible instalments to smooth cash flow Automatic VAT bad debt relief Find out if you are eligible Simplified VAT processes are tailored to suit all types of businesses. To find out if you are eligible for a simplified scheme you will need to complete a quick and simple series of interactive questions online. Click here for more information. Simpler and quicker VAT returns The online VAT return process guides you through your VAT return, limiting the chance of mistakes and greatly reducing the time taken to complete your return. The service also provides peace of mind by verifying the transaction. Could Your Business be benefiting? “The scheme really is so simple – it completely takes all of the worry out of VAT. I would definitely recommend it to small business like ours. Why would people want to saddle themselves with extra work when it’s just not necessary?” (Robert Lewis-Jones, a Small Business Owner, on the Flat Rate Scheme for a year and a half)