Understand VAT Annual Accounting Scheme

Doshi Outsourcing08 Dec, 2020Business

VAT stagger is usually quarterly. The maximum time that a VAT registered business has to submit the VAT Returns and pay the VAT amount due is 3 months. You can choose a monthly stagger too. But who will want to waste time in calculating the amount due and submitting and why to pay every month instead of every 3 months? Only those who expect a refund would prefer the monthly VAT. However, it becomes compulsory to go for monthly stagger (or the payment on account) if your is above £2.3 million