Post-pandemic, many businesses are finding that their trading circumstances have changed such that the non-standard VAT scheme under which the business is registered is no longer appropriate. The turnover may have increased so they are no longer eligible. VAT schemes are designed to simplify how some VAT-registered businesses calculate and account for VAT and are […]
When Should a Business Leave a VAT Scheme? Read More »
When you are working as a contractor or even carrying out some business activities in the UK, you need to be aware of the important yet complicated facts of the incredibly tedious VAT scheme. It is a mandatory part for businesses in the UK to become registered for VAT. Especially, when you see your taxable
How Do you Know Which VAT Scheme is for you? Read More »
The flat rate scheme offers VAT registered traders who meet the eligibility conditions a simpler way to work out the VAT that they need to pay over to HMRC. However, while it may save work, it may also cost more than working out VAT in the traditional way. Nature Of the Scheme Under the
Pros And Cons of The VAT Flat Rate Scheme Read More »
The flat rate VAT scheme is a simplified scheme for small businesses. Under the flat rate scheme, VAT-registered traders pay a fixed percentage of their VAT inclusive turnover to HMRC instead of the difference between the VAT that they charge and the VAT than they incur. The flat rate percentage depends on the business sector
Leaving the Flat Rate VAT Scheme Read More »
