flat-rate

This tag is associated with 2 posts

Re-considering the VAT Flat Rate Scheme

You must have heard and/or read about the changes to the VAT flat rate scheme (FRS) effective 01 April 2017. To summarise, if your cost of sales is less than either 2% of your sales OR £1000 per year, your flat rate will be 16.5%. I won’t go into why this new directive was implemented but suffice it to say … Continue reading

VAT Flat Rate Scheme – Completing the return.

The flat rate scheme is designed to simplify the VAT accounting process for small businesses with taxable turnover of £150,000 or less (as at May 2016). An overview can be found here. FILLING OUT THE ONLINE VAT RETURN FORM All the boxes on the return MUST be completed. If a box is not relevant, insert … Continue reading

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