The VAT Flat Rate Scheme changes from 1 Apr 2017 when new rules come into force in a heavy handed attempt to combat abuse of the system. The FRS differs from standard VAT accounting because you pay a percentage of your business turnover rather than paying the actual VAT arising on the difference between sales and purchases.
You continue to charge clients the headline rate of 20% VAT and you can potentially benefit by remitting a smaller percentage to the taxman. The FRS rates differ from sector to sector, but for …
Business owners need to spend time working “on” the business as well as “in” the business!
Time management is about managing tasks and not about managing time. Get things done!
Helping your business with the annual returns and keeping you on the right side of HMRC and Companies House!