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Easier tax measures for business start-ups

15/05/2007  10:21:05

 


 

Changes to the Cash Accounting Scheme (CAS) should make it easier for business start-ups to manage their tax planning.

CAS is a scheme which allows businesses to defer their quarterly VAT payments until they have received payment from their customers.

Recent alterations to CAS mean that the turnover threshold for eligibility has risen from £660,000 to 1.35 million.

The changes mean that 56,500 extra businesses can now benefit from the scheme.

CAS offers an alternative to the usual system in which business start-ups and other firms must pay their quarterly return based on invoices issued and received rather than money received and paid out.

John Brandwood from HM Revenue and Customs said: "We recognise a quarterly VAT bill can sometimes cause a cashflow problem for some businesses, especially if their customers are a little tardy at coughing up.

"Plus the CAS also means businesses can get relief on the VAT element of any bad debts, without having to apply."

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Information on offshore companies and offshore corporate structuring is available on several sections of this site. Incorporation and company law information is available in the offshore companies section. Specific information can be found on the relevant jurisdiction page. Further information is available on our excellent Tax Cafe publications. Related topical news stories can be found on this page.

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