HMRC has launched an online application service for its advance VAT Annual Accounting Scheme which allows taxpayers to submit only one VAT return a year instead of quarterly, which came into force on 3 November
Until now, VAT registered businesses have had to submit VAT returns and payment to HMRC four times a year. But by joining its Annual Accounting Scheme they are only required to submit one VAT return a year.
The Annual Accounting Scheme also allows businesses to make advance VAT payments towards their VAT bill based on the last return submitted. New registrants will need to submit all outstanding VAT returns before being accepted to the scheme.
The online service requires users to sign in, or set up a Government Gateway account.