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VAT schemes and rules

Cash accounting, the flat rate scheme and annual accounting, how to put a mistake right, and the digital records that HMRC expects.

Premium5 rooms44 questions48 min

This path is practice in how the records and the sums work. It is not tax advice. Any rate or allowance in a question is an example for that question, so check GOV.UK for the current figures.

See the first roomCash accounting: VAT when the money moves

Rooms in this module

  1. Cash accounting: VAT when the money moves10 min, mediumPremium
  2. The flat rate scheme: a percentage of turnover10 min, mediumPremium
  3. Annual accounting: one VAT return a year9 min, mediumPremium
  4. How to correct an error on a VAT return10 min, mediumPremium
  5. VAT records and Making Tax Digital9 min, easyPremium

How this works

Each room answers one problem. A task is a few lines of reading, then questions you answer in the books: post to an account, type a figure, sort, match or write a journal. Every answer is marked at once, with the rule behind it. There are no videos.

Questions

How many rooms and questions are in VAT schemes and rules?

5 rooms and 44 questions. Every question is marked at once.

How long does it take?

About 48 minutes in all. A room takes 9 to 10 minutes, so you can do one at a time.

Is it free?

No. These rooms need Premium. Each room shows the start of its first task before you pay.

What should I do first?

The VAT return. It is the module before this one in VAT in practice.