Flat Rate Scheme for VAT

The Flat Rate Scheme is designed to reduce the time you need to spend on accounting for and calculating your VAT. You will pay VAT as a fixed percentage of your VAT inclusive turnover. You will still need to show a VAT amount on each invoice but you will not need to record how much VAT your charge on every sale in your accounts or the VAT you pay on every purchase.

This scheme is available to businesses where VAT taxable turnover is less than £150,000.

A business must leave the scheme once business income increases to more than £230,000.

For further information about the scheme please visit: https://www.gov.uk/vat-flat-rate-scheme


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