More than a million UK businesses have become eligible for simpler VAT payments via a single annual return and monthly instalments.
| Position | Value added tax - Brief article |
More than a million UK businesses have become eligible for simpler VAT payments via a single annual return and monthly instalments. Firms with a turnover up to 1.35m [pounds sterling] are now able to join the annual accounting VAT simplification scheme. This doubles the previous turnover threshold and means that they don't have to pay a lump sum every quarter.
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