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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)
08 Jul 2024
The UK's business groups have pledged to work in partnership with the new Labour government to revitalise the nation's economy.
The UK's tax gap estimate rose to a record to £39.8 billion in 2022/23 as small businesses accounted for almost two thirds of unpaid tax, according to HMRC's data.
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