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The Flat Rate Scheme was introduced as an simple way for tiny companies to calculate their VAT liability. The Flat Rate VAT scheme is accessible to organizations with a taxable turnover below 150,000 excluding VAT (also exempt and non-taxable sales should be below 37,500). Below the flat rate scheme, you basically hold a percentage of the VAT charged to your buyers. The percentage you preserve varies depending upon which sector you are in. You ignore VAT on your purchases, the VAT you pay just becomes a expense. Eg If you devote ten + VAT on stationery, the cost of that stationery becomes 11.75. The flat rate scheme does permit you to reclaim the VAT on 'large' capital products - exactly where you spend much more than 2,000 you can reclaim the VAT on that item. ppi claim letter Really should I be on the flat rate scheme? As you claim a percentage of sales, these with greater sales stand to benefit more. These with low purchases (for that reason paying small in reclaimable input tax) also stand to achieve from the scheme. For instance A organization with sales of 149,000 (excluding VAT) and in the category of "any other activity not listed elsewhere" - ten% flat rate and with negligible input VAT say 500 will save 8,068 per annum by switching to the Flat Rate VAT scheme. To see how considerably you could save, try the Flat Rate VAT scheme calculator How do I join the Flat Rate VAT Scheme? The easiest way is to call the VAT guidance line on 0845 010 9000, who will be in a position to take your VAT registration number and related details on the telephone, following which you will be registered immediately after approximately 21 days. ppi reclaim uk Alternatively, you can download the scheme application type from HMRC . How do I determine which sector my business falls into? If your business has sales in two or a lot more sectors, you should apply the percentage appropriate to the main organization activity, as measured by your sales. Some sectors are clearer than other people. The distinction in between "other company solutions" and "solutions not elsewhere specified" is far from clear. If you telephone HM Revenue & Customs for guidance, make positive you preserve a note of the name of the particular person you speak to and the date of the call.