Get in touch
We can be contacted by:
Phone: 0161 240 3701
Email:
office@taxwise-accounting.co.uk
Arrange a time for us to
call you back HERE
Arrange a meeting using
our online calndar HERE
Registered office:
Avondale Lodge
Whitehall Road
Sale, Manchester M33 3WJ
Complete the contact form for a reply within 2 hours
We can be contacted by:
Phone: 0161 240 3701
Email:
office@taxwise-accounting.co.uk
Arrange a time for us to
call you back HERE
Arrange a meeting using
our online calndar HERE
Registered office:
Avondale Lodge
Whitehall Road
Sale, Manchester M33 3WJ
Complete the contact form for a reply within 2 hours
0161 240 3701
CONTACT
Taxwise Accountants
Avondale Lodge
Whitehall Road, Sale
Manchester M33 3WJ
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Taxwise Accountants Ltd | Registered in England & Wales | Registered No.: 08416929
Copyright © 2013 by Taxwise Accountants Ltd · All Rights reserved · E-Mail: office@taxwise-accounting.co.uk
Helping local businesses to grow and pay less tax | Small enough to care
VAT Flat Rate Scheme Calculator
The flat rate scheme was introduced with the aim of making it easier for small businesses to manage their VAT obligations. Normally, a VAT registered trader has to total up how much VAT has been charged to customers (output VAT), and then total up the VAT that has been paid on all business related expenditure (input VAT). Output VAT minus input VAT is then paid to HMRC.
With the flat rate scheme, things are much simpler. Instead of adding up the VAT on all your expenditure, you simply take the applicable 'flat rate percentage' for your business sector [listed HERE] and apply it to your total (VAT inclusive) turnover. That is the amount you pay to HMRC.
With most flat rate percentages being between 8% and 12%, it is easy to see how a lot of businesses profit from using this system. On top of that, newly VAT registered businesses get a 1% discount in their first year of VAT registration!
Having said that, not all businesses will be better off on flat rate VAT. Below is a handy calculator that will tell you whether you are likely to benefit or not and by how much.
Feel free to get in touch if you would like to discuss in more detail.
With the flat rate scheme, things are much simpler. Instead of adding up the VAT on all your expenditure, you simply take the applicable 'flat rate percentage' for your business sector [listed HERE] and apply it to your total (VAT inclusive) turnover. That is the amount you pay to HMRC.
With most flat rate percentages being between 8% and 12%, it is easy to see how a lot of businesses profit from using this system. On top of that, newly VAT registered businesses get a 1% discount in their first year of VAT registration!
Having said that, not all businesses will be better off on flat rate VAT. Below is a handy calculator that will tell you whether you are likely to benefit or not and by how much.
Feel free to get in touch if you would like to discuss in more detail.
