VAT - The flat rate scheme

The flat rate scheme enables small businesses to reduce the time needed to prepare VAT returns.

The scheme is suitable for service companies with relatively small amounts of VAT on costs to claim back.

The scheme is available to businesses with less than £150,000 of taxable turnover (or £187,500 total turnover, including exempt supplies).

You only need to exit the scheme if the total turnover, including VAT, exceeds £225,000 per annum.

The VAT office offers a 1% reduction on the special flat rates of VAT if you are a new VAT trader.

We have achieved savings of between £1,000 and £4,000 with some of our clients.

If you would like to know more about the scheme please contact David Cane on 020 8390 6878.