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Turnover less that £150k? You could simplify your accounting by using the Flat Rate Scheme for VAT.

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:

To join the scheme your VAT turnover must be £150,000 or less (excluding VAT), and you must apply to HMRC.

You must be eligible to join the scheme.

How to join

You can join the scheme:

You’ll get confirmation you’ve joined the scheme through your VAT online account (or in the post if you don’t apply online).

For eligibility, check out: https://www.gov.uk/vat-flat-rate-scheme/how-much-you-pay

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Replies

  • PRO

    One of the best decisions we made when we first applied to become VAT registered. My understanding of it  is that the rate increases by 1% per year up to the max of whatever the current rate may be at that time.

    • PRO

      So you end up paying full VAT but unable to reclaim anything?

      • PRO

        Hi Ben - If my understanding is correct then under the category "other activities" you'd pay 12% VAT.

  • PRO

    Can anyone confirm if grounds maintenance comes under the scheme? .

    Thanks

    • PRO

      To answer my own question,it appears it does but would most likely fall under the category "activity not listed elsewhere" ?

      • We were on it a few years ago so you shouldn't have a problem. Another point to take note of is for single item purchases over £2000 (net of vat) you get to claim the vat back. That was the case at that time anyway.

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