AAT Level 3 - Tax Processes for Business - Annual Accounting Scheme

[@kirstytuttiett6526]

fabulous you helped me grasp in 5 minutes what i couldnt grasp in 3 x 30 min videos from my TP!

[@adesanyasuliat7125]

Thank you very much for the explanations. you've really made my day. God bless🥰

[@warieropossum8366]

Short n sweet video yet very helpful and informative… thank you!!!

[@kellyguri1918]

The best teacher ever❤

[@Willboardman]

Glad you found it helpful!

[@symamalik5050]

I was asking the same Question when you going to cover and explain the cash and flat VAT scheme So much easier to understand and very well explained this annual VAT scheme 👍👍👍

[@Willboardman]

I would like to cover both, it's unfortunately just due to lack of time not being able to get everything out that i'd like to!

[@symamalik5050]

@@Willboardman I do understand, hope you ll get time for upload before my TAX in July, that would be great and easier to revision.

[@lindakirby2540]

Beautifully explained, thanks

[@Willboardman]

Thank you for the kind comments Linda 😃!

[@WahidHaidari-ml3do]

Thank you, I understand how to calculate 9 monthly schemes. Is there any way to answer the questions or only this way?

[@efazc1609]

Can you please do cash accounting scheme and flat rate scheme with example the way you did annual accounting scheme would be very helpful

[@MAGGIE-PL-UK]

every year different rule? right now is 9 payments and balancing payment ehhh

[@Mohammed5i]

If you pay your previous years vay liability throught the year then what about your current years vat build up? Is that paid the following year? The whole concept is abit confusing. Why not just pay your current years vat once a year. Simple

[@Willboardman]

So you’re not paying off your previous years VAT liability. You’re paying off the current years VAT but based upon your previous years VAT Liability. The benefit, being that you only have to submit one VAT return per year.

[@Mohammed5i]

Ok but what about if your vat is actually higher than your estimated payments?

[@Willboardman]

Once you’ve calculated the VAT for the year, if this is higher than what you’d paid throughout the year then you would pay a balancing payment to make up the difference.

[@Mohammed5i]

​@@Willboardman thank you. Makes sense now. Your videos are great 🤙🏼

[@zihanliu8559]

@@WillboardmanI was struggling to understand the remaining balance. After read your comments here I figured out the remaining balance is this year’s vat liability mins what has been paid in the past 9 installments.

[@smoodcruz]

Thank you, but I wonder who devises these tax schemes. Why make life so complicated? Honestly, all of this seems unnecessary.