VAT / January 20th 2020

What is the Flat Rate VAT scheme?

Something you may not be aware of as a business owner is the presence of multiple VAT schemes. The flat rate VAT scheme is one of them. The flat rate VAT scheme is a simplified version of VAT where instead of claiming VAT on purchases and paying VAT on sales at variable percentages (0%, 5% and 20% respectively) and balancing the difference, you instead pay one flat rate on your sales VAT. …

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