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…)

How to Fill Out a Flat Rate VAT Return

When it comes to filling out a flat rate VAT return, you need to be sure you follow all the specific rules attached to the scheme so that you include the right figures on your return. What You Need to Get Started Filling Out Your Flat Rate VAT Return You need to fill out a (more…)

VAT Flat Rate Scheme: Flat Rate Percentages 2019

Here is a list of the 2019 Flat Rate Percentages as set out by HMRC. You’ll need to choose the flat rate scheme percentage that best suits your business. Under the VAT Flat Rate Scheme, you pay VAT over to HMRC at a set percentage according to the industry you operate in.  Still not sure (more…)

How Does the Flat Rate VAT Scheme Work?

The Flat Rate VAT Scheme is an HMRC initiative to simplify the VAT reporting system to help certain smaller businesses. It means that you charge VAT to your customers at a fixed rate depending on your industry sector rather than the standard rate of 20%. What is the VAT Flat Rate Scheme? The flat rate (more…)