VAT Guide for Beginners

VAT Guide for Beginners

Most purchases carry a VAT charge. Value Added Tax (VAT) is levied on most business transactions and on many goods and some services. There are three rates of VAT in the UK: 20% (the ‘standard’ rate). 5% (‘reduced’ rate) and 0%...
VAT Flat Rate Scheme

VAT Flat Rate Scheme

The VAT flat rate scheme is designed to make it simpler and quicker for small businesses to complete their VAT return. This is because VAT payable to HMRC is calculated as a particular percentage of the gross turnover of the business and not as the difference between...