Most popular and usual method of VAT accounting method is a Standard rate VAT method. However furthermore there are few more VAT accounting methods/scheme which are alternatives to standard scheme are as follows:
1. Annual Accounting method: In this scheme instead of quarterly returns you only submit VAT return annually.
2. Flat rate scheme: This scheme allows you to charge full standard VAT to your customers but pay HMRC VAT at reduced rate. Depending on your nature of business different businesses has different flat rates given by HMRC.
3. Cash Accounting: This scheme allows you to account for VAT as and when payment is received rather than just an invoice date.
All of the above schemes/methods have their own advantages and disadvantages and some are only available for limited turnover businesses.