If you’re new to business, you may wonder why you always seem to be paying VAT on your purchases – it really starts to rack up after a while, and unless you know what to do to change it, it can make you feel short changed.
The government has set out a flat-rate VAT scheme to help smaller businesses claim and charge VAT without having to earn a threshold amount.
The flat-rate VAT scheme is designed to reduce the cost of complying with VAT obligations by simplifying the way small businesses calculate their VAT. It is available to businesses who expect their VAT-exclusive turnover in the next 12 months to be no more than £150,000 in taxable supplies. A business must leave the scheme arises when turnover increases to £230,000.
Find out more about the scheme and how you can claw back some money in today’s podcast with mum, accountant and partner of Wellers Accountants, Norma Stewart.
