16 Dec 2016

Changes to the VAT Flat Rate Scheme – from April 2017

Changes to the Flat Rate Scheme The government continues to attack contractors next year by cutting the benefit of the VAT Flat Rate Scheme.  The changes affecting businesses with very low cost bases like IT, banking, project manager contractors, construction workers who supply labour but don't purchase raw materials. The bottom line is that if...

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5 Jun 2014

VAT – The flat rate scheme

Using standard VAT accounting, the VAT you pay to HM Revenue & Customs or claim back from them is the difference between the VAT you charge your customers and the VAT you pay on your purchases.  Using the Flat Rate Scheme you settle your entire VAT liability by paying a fixed percentage of your sales....

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