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Tag: Small Business VAT

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Understanding the VAT Flat Rate Scheme: Is It Right for Your Business?

What is the VAT Flat Rate Scheme? The VAT Flat Rate Scheme is designed to simplify VAT reporting for small businesses. Instead of calculating VAT based on the difference between VAT charged on sales and VAT paid on expenses, businesses using this scheme pay a fixed percentage of their VAT-inclusive turnover to HMRC. While this

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VAT flat rate scheme – Is it for you?

The VAT flat rate scheme is simple for smaller VAT-registered businesses. Rather than pay the difference between the VAT charged to customers and that incurred on business purchases to HMRC, traders using the flat rate scheme instead pay a fixed percentage of their VAT-inclusive turnover to HMRC. The percentage depends on the sector in which

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