VAT flat rate scheme

VAT

The VAT Flat Rate scheme provides smaller businesses with a number of options that can often create real cash savings. Benefits include: Simplified administration, quicker to produce returns. Depending on the market sector your business operates within, you may be able to reduce your overall VAT payments. To qualify, your annual turnover must not exceed…

VAT flat rate and cash schemes

VAT

Two of the VAT special schemes can provide particular advantages for smaller businesses. The Flat Rate Scheme (reviewed in our June 2012 newsletter) can reduce overall VAT payable, especially for traders that are subject to the lower Flat Rate percentages. Cash Accounting allows you to defer payment of VAT added to your sales until the…