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The amount of VAT a business pays or claims back from HM Revenue and Customs (HMRC) is usually the difference between the VAT charged by the business to customers and the VAT the business pays on their own purchases.
With the Flat Rate Scheme:
The main benefits of the scheme are:
HMRC has launched new online form for businesses to apply for the VAT flat rate scheme: Form VAT600FRS.
The Flat Rate Scheme isn’t the best choice for all businesses. Depending on your sector, you may find that you pay more VAT this way than through standard VAT accounting, so please talk to us and we can give you all the information to make the right choice.
See: Flat Rate Scheme for small businesses (VAT Notice 733) - GOV.UK (www.gov.uk)
06 Nov 2023
The Chancellor should cement the government's commitment to small businesses in his Autumn Statement, according to the Federation of Small Businesses (FSB).
The UK's rate of inflation held steady in September while the nation's economy grew the month before, according to the latest figures from the Office of National Statistics (ONS).
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