book-keeping

VAT FLAT RATE SCHEME – A Simple Guide

WHAT IS IT? It is a simplified VAT scheme that allows businesses (with £150,000 turnover or less) to charge standard VAT on sales but pay over a reduced amount to HM Revenue and Customs (HMRC). To illustrate (let’s ignore purchases for simplicity): Standard VAT business Net Sales £100 Standard VAT 20% £20 Gross Sales £120 … Continue reading →