The turnover limit for registration to complete a VAT return only once a year has been increased to £1.35 million.  Annual accounting is ideal for growing businesses as they pay installments based on the previous year's turnover paying over the balance two months after the year end when the annual VAT return is also due.  Of course financial discipline needs to be maintained to make sure the money is available when it eventually falls due.

If you would like to take advantage of this, either contact Customs and Excise who will help you or contact us.

(updated Oct 2006)