Blogs
Welcome to our blog area. This is the perfect place to keep up-to-date on some important issues and updates pertinent to your business finance. Please visit this area regularly or subscribe to receive timely updates.
Welcome to our blog area. This is the perfect place to keep up-to-date on some important issues and updates pertinent to your business finance. Please visit this area regularly or subscribe to receive timely updates.
With the flat rate VAT scheme:
The scheme was introduced to try and simplify VAT accounting for small businesses. You can only join the scheme if your turnover (excluding VAT) is less than £150,000 and you must leave the scheme if your VAT inclusive turnover exceeds £230,000.
Whilst introduced to simplify VAT for small businesses there is commercial advantage to be gained here in some cases. If the VAT you incur is less than typical for your business category then you can make money from the scheme. Additionally, if you are not required to register for VAT as your turnover is below the VAT registration threshold - advantage can be gained with a voluntary registration under this scheme.
We have clients that save several thousand pounds a year by registering on the flat rate VAT scheme. Could this benefit your business?
To find out more please contact me for a free initial consultation.
If you would like more information about this or any area of business or personal taxation matters then we would be happy to help.