I'm registering for VAT - should I use the Flat Rate Scheme?

Whether you've reached the turnover threshold (currently £85,000 in any 12-month period) or want to register voluntarily for VAT, you've possibly heard of the Flat Rate Scheme and may be wondering whether it's the right scheme for your business. If you'd like to be able to make more of an informed decision, here's some information to help you... How is the Flat Rate Scheme different from normal VAT accounting schemes? In a normal VAT scheme, you would calculate your tax bill by working out the VAT you've charged on your sales over the course of the accounting period (this is usually done each quarter), and then deduct the amount of VAT you've paid over to your suppliers for the same period.

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