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25th September 2013

Flat Rate VAT Scheme

Filed Under: Tax


It surprises me how many small businesses that are still not aware of the flat rate VAT scheme and the potential benefits it can offer.

It reduces the amount of admin time required for preparing the quarterly VAT returns, as a simple flat % is applied to business turnover, and all costs are recorded gross.  In addition to this, a 1% discount if given to all new participants for the first year of registration, so even better!

I am a believer that the flat rate VAT scheme would benefit any registered business that has low input VAT on expenses and it would be particularly beneficial for service based companies.

Jade Greer
jadegreer@thlaccountancy.co.uk
01903 300230

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