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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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How you operate your business determines the taxes that you pay and your reporting obligations. You are a sole trader if you work for yourself and run your business independently rather than through a limited company. By contrast, if you operate your business through a personal company, even if you are the sole employee and
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Most business owners know that VAT registration is a legal requirement should total taxable turnover for the previous 12 months exceed £85,000 or turnover is expected to exceed £85,000 in the next 30 days. Once a business becomes liable, that liability ceases should HMRC be satisfied that the business is not expected to exceed the
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