The annual accounting scheme for VAT works by paying VAT in instalments with a balancing figure being paid or refunded at the end of the year, when an annual VAT return is calculated and submitted.
Whilst submitting only one VAT return each year may appear attractive, this scheme is not ideally suited for many contractors, freelancers and consultants so don’t be tempted to apply for it until you have checked whether it is suited to your business’ needs.
The scheme is a good means of controlling cash flow for many businesses, as the monthly or quarterly payment remains constant. However, this is not suitable for any contractor limited company where it is likely that there will be a gap between contracts, as the VAT must then still be paid even if the company has not invoiced; and it could be some time before an overpayment can be reclaimed.
Why Integro Accounting?
Integro Accounting is the UK’s only specialist provider of fixed fee, limited company accountancy services for contractors, consultants and freelancers that was established to an award winning standard – our Practice Manager, Maria Hickmott FCCA, won The British Accountancy Awards’ ‘Accountant of the Year’ in 2011.
We were set up with the vision of providing a service that is the ultimate for the dynamic, busy professional of today in a language you understand.
Integro Accounting have designed a bespoke service for the contractor who is always on the go; never forgetting that one size will never fit all.
The relationship you have with your accountant is the most important factor in our service which is why we will always offer unlimited contact with your own personal accountant; whether that contact is via the phone, email or face to face.
We have our 3 offices located in London, the South-West and on the Bedfordshire and Buckinghamshire border. There are also meeting locations in many of the major cities and towns across the Home counties, South-West and South Wales, all conveniently placed so that you never have to travel far to meet your accountant.
If you have any questions about contracting or would like to find out more about how Integro Accounting can help you and business please call Christian on 01525 303984, email firstname.lastname@example.org or request a callback.