The Flat Rate Scheme is designed to simplify VAT accounting for small businesses. Instead of reclaiming VAT on individual purchases, you pay a fixed percentage (based on your industry) of your gross turnover to HMRC. Although you cannot reclaim VAT on purchases, the scheme allows you to retain the difference between what you charge your customers and what you pay to HMRC. Business with less input VAT can ideally benefit from this. To join, Pros and Cons of using VAT Flat Rate Scheme Pros: Cons: 4.8 Rating 5.0 Rating 4.9 Rating We are Experienced Accountants providing accounting, tax, payroll, VAT services for over a 15 Years. We have worked with many software & cloud platforms are we are best placed to advice and integrate system that works for you and you can afford. Licensed by world’s top accountancy bodies. ICAEW & ACCA firm. For Accounts production – VAT – Tax Returns – Tax Advisory Tax and Business advisory to save Tax and future planning. Our effective system ensures that none of your deadlines are missed thus avoiding penalties and stress. Get one of our accounting package! What is VAT Flat Rate Scheme FRS?
Variable VAT Rate
Suitable for some
For Turnover of less than £230,000
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FRS
How does VAT flat rate VAT works?
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Who can use Flat Rate Scheme?
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