The flat rate VAT scheme is designed for businesses with a turnover of £150,000 or less, with the exclusion of VAT. The scheme allows business owners to make their VAT payments simpler, by paying a fixed percentage of VAT instead of having to calculate the VAT on each good or service that they provide or the items that they purchase. For businesses who don’t utilise the VAT flat rate scheme, they calculate and record the difference between the VAT that they charge and the VAT that they pay. With the flat rate scheme, the fixed rate changes depending on the circumstances of the business, but the difference in retained by the business.
PROFESSIONAL ADVICE FOR VAT FLAT RATE SCHEME
Choosing to use a flat rate VAT scheme is a big step for a business, and there are many aspects that need to be considered prior to registering for the scheme. With the assistance of an expert VAT accountant, you can evaluate whether the scheme is right for your business.
We can assist with many areas of implementing and managing the flat rate scheme for your business, including, but not limited to:
Utilizing the flat rate scheme for your VAT can be a highly beneficial way to stay on top of your VAT payments. With a flat rate, you know exactly how much to put aside, and can focus more predominantly on the growth of your business.
At The Accountancy Solutions, we can work with your business to assess whether you are eligible for the scheme, and whether it is a worthwhile step for your business. After entering the scheme, we will assist you in managing your VAT payments, giving you a peace of mind over the financial security of your business. For advice on the scheme, and your VAT requirements, you can contact our professional team at any time.