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The Flat Rate Scheme was introduced as an effortless way for tiny corporations to calculate their VAT liability.

The Flat Rate VAT scheme is available to organizations with a taxable turnover below 150,000 excluding VAT (also exempt and non-taxable sales ought to be beneath 37,500).

Beneath the flat rate scheme, you basically maintain a percentage of the VAT charged to your customers. The percentage you preserve varies based upon which industry you are in.

You ignore VAT on your purchases, the VAT you spend basically becomes a expense. Eg If you invest 10 + VAT on stationery, the expense of that stationery becomes 11.75.

The flat rate scheme does let you to reclaim the VAT on 'large' capital things - exactly where you spend far more than 2,000 you can reclaim the VAT on that item.

Ought to I be on the flat rate scheme?

As you claim a percentage of sales, those with larger sales stand to advantage more.

Those with low purchases (for that reason paying little in reclaimable input tax) also stand to achieve from the scheme.

For instance A enterprise 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 much you might save, attempt the  Flat Rate VAT scheme calculator

How do I join the Flat Rate VAT Scheme?

The easiest way is to call the VAT suggestions line on 0845 010 9000, who will be able to take your VAT registration number and pertinent particulars on the telephone, following which you will be registered following roughly 21 days.

Alternatively, you can download the scheme application type from HMRC .

How do I decide which sector my organization falls into?

If your company has sales in two or far more sectors, you really should apply the percentage appropriate to the major organization activity, as measured by your sales.

Some sectors are clearer than other people. The distinction in between "other organization services" and "services not elsewhere specified" is far from clear. If you telephone HM Income & Customs for guidance, make positive you maintain a note of the name of the person you speak to and the date of the call.  [http://www.ppiclaimuk.co.uk/ ppi reclaim uk] [http://www.ppiclaimsletter.com/ ppi claims letter] [http://www.ppiclaimuk.co.uk/ ppi claims]