special schemes for VAT administration
Changying Tannehill owns and manages a wholesale food supplier. Changying’s business, Tannehill Canting Yongpin (UK) Ltd, supplies luxury food to restaurants and delicatessens in Newcastle upon Tyne (UK).
During the tax year 2020/21, Tannehill Canting Yongpin (UK) Ltd’s taxable turnover (excluding capital items) was £534,110. The business’s VAT administration and payments of VAT liabilities are up-to-date. Changying has never been convicted of a VAT offence or assessed to a penalty for VAT evasion involving dishonest conduct.
During 2019/20, Tannehill Canting Yongpin (UK) Ltd did not participate in any of the special schemes for VAT administration.
Which of the special schemes for VAT administration can be used by Tannehill Canting Yongpin (UK) Ltd in 2020/21?
A. Cash accounting scheme; annual accounting scheme; special retail scheme
B. Special retail scheme; annual accounting scheme; flat-rate scheme for small businesses
C. Annual accounting scheme; cash accounting scheme
D. Flat-rate scheme for small businesses; annual accounting scheme; cash accounting scheme
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