Flat Rate VAT Scheme and Annual Accounting

Flat Rate VAT Scheme and Annual Accounting. If your turnover meets the criteria for the Flat Rate VAT scheme and annual accounting you can apply to join both schemes. This can be advantageous both for your cash flow and reporting. HMRC offers a number of VAT schemes for small businesses aimed to help simplify reporting (more…)

Flat Rate VAT Return Example

Here is a Flat Rate VAT Return Example to show you how it all works, including registering, invoicing and filling out a flat rate VAT return. Flat Rate VAT Return Example Jo is a self-employed bookkeeper earning £100,000 per year so must register for VAT.  Jo is considering joining the VAT Flat Rate Scheme. Here’s (more…)

Moving from the VAT Flat Rate Scheme to the Standard Scheme

Moving from the VAT Flat Rate Scheme to the Standard Scheme may be voluntary or compulsory, if you have exceeded the set Flat Rate Limits. You may have discovered that: Being part of the VAT flat rate scheme is no longer beneficial because your VATable purchases have gone up; You’ve fallen into the criteria of (more…)

How to Register for the VAT Flat Rate Scheme Online

Choosing to register for the VAT Flat Rate Scheme Online is easy enough to do yourself. Joining the scheme can bring many benefits including helping cash flow and reduced administration.  Once you have decided that the VAT Flat Rate Scheme is right for you, then here’s how you can register online or by email. Still (more…)