What VAT schemes can I register for with Tide?

The default scheme is the standard VAT scheme. With the standard scheme, businesses keep VAT details of their sales and purchases. You can then use the tracked information to complete a quarterly VAT return. 

The annual accounting VAT scheme means that you will file a single annual return each year. Each quarter, you’ll make advance payments towards your estimated VAT bill which can help with budgeting. Businesses with an annual turnover greater £1.35 million are not eligible for this scheme. 

The flat rate VAT scheme is open to businesses with an annual turnover <£150,000. Under this scheme, you pay a percentage of total turnover as VAT. This can be a simpler option for your business as it needs less detailed record keeping. The percentage paid is determined by your industry.