Making VAT make money for you.

If you run a business, have you considered going on the VAT flat rate scheme? Providing your VAT exclusive turnover is less than £150,000 HMRC will let you pay a fixed percentage of your sales (including VAT) each quarter, rather than analysing all the expenses and deducting the VAT you have suffered on your purchases from the VAT collected on your sales. Administratively, this benefits the business by it not needing to separately record the VAT it incurs on purchases, or indeed VAT it charges on Sales.

Once in the scheme, the business may (more…)