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The Flat Rate Scheme was introduced as an effortless way for tiny companies to calculate their VAT liability.<br><br>The Flat Rate VAT scheme is offered to companies with a taxable turnover below 150,000 excluding VAT (also exempt and non-taxable sales must be below 37,500).<br><br>Beneath the flat rate scheme, you just keep a percentage [http://www.ppiclaimsletter.com/ ppi claim letter] of the VAT charged to your customers. The percentage you preserve varies depending upon which industry you are in.<br><br>You ignore VAT on your purchases, the VAT you spend simply becomes a cost. Eg If you devote ten + VAT on stationery, the price of that stationery becomes 11.75.<br><br>The flat rate scheme does enable you to reclaim the VAT on 'large' capital products - exactly where you spend far more than 2,000 you can reclaim the VAT on that item.<br><br>Must I be on the flat rate scheme?<br><br>As you claim a percentage of sales, these with greater sales stand to benefit more.<br><br>Those with low purchases (for that reason paying tiny in reclaimable input tax) also stand to obtain from the scheme.<br><br>For instance A enterprise [http://www.ppiclaimuk.co.uk/ ppi reclaim uk] with sales of 149,000 (excluding VAT) and in the [http://www.ppiclaimsletter.com/ ppi claims letter] category of "any other activity not listed elsewhere" - 10% flat rate and with negligible input VAT say 500 will save 8,068 per annum by switching to the Flat Rate VAT scheme.<br><br>To see how significantly you might save, try the Flat Rate VAT scheme calculator<br><br>How do I join the Flat Rate VAT Scheme?<br><br>The simplest way is to contact the VAT advice line on 0845 010 9000, who will be able to take your VAT registration number and related specifics on the telephone, following which you will be registered right after roughly 21 days.<br><br>Alternatively, you can download the scheme application form from HMRC .<br><br>How do I make a decision which sector my enterprise falls into?<br><br>If your company has sales in two or a lot more sectors, you really should apply the percentage suitable to the major enterprise activity, as measured by your sales.<br><br>Some sectors are clearer than others. The distinction in between "other organization services" and "solutions not elsewhere specified" is far from clear. If you phone HM Revenue & Customs for guidance, make confident you hold a note of the name of the person you speak to and the date of the call.