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The Flat Rate Scheme was [http://afriendzone.com/read_blog/66299/vat-flat-rate-scheme ppi claim letter] introduced as an easy way for little companies to calculate their VAT liability.<br><br>The Flat Rate VAT scheme is offered to corporations with a taxable turnover below 150,000 excluding VAT (also exempt and non-taxable sales must be beneath 37,500).<br><br>Beneath the flat rate scheme, you simply maintain a percentage of the VAT charged to your consumers. The percentage you preserve varies depending upon which market you are in.<br><br>You ignore VAT on your purchases, the VAT you pay merely becomes a price. Eg If you devote 10 + VAT on stationery, the price of that stationery becomes 11.75.<br><br>The flat rate scheme does allow you to reclaim the VAT on 'large' capital things - exactly where you devote a lot more than two,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, [http://cricsee.com/read_blog/75015/vat-flat-rate-scheme ppi reclaim uk] those with larger sales stand to benefit much more.<br><br>Those with low purchases (consequently paying small in reclaimable input tax) also stand to obtain from the scheme.<br><br>For instance A company 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.<br><br>To see how significantly you could save, attempt the Flat Rate VAT scheme calculator<br><br>How do I join the Flat Rate VAT Scheme?<br><br>The simplest way is to call the VAT advice line on 0845 010 9000, who will be capable to take your VAT registration quantity and pertinent specifics on the telephone, following which you will be registered right after approximately 21 days.<br><br>Alternatively, you can download the scheme application form from HMRC .<br><br>How do I decide which sector my enterprise falls into?<br><br>If your company has sales in two or more sectors, you must apply the percentage proper to the principal business activity, as measured by your sales.<br><br>Some sectors are clearer than other people. The difference among "other enterprise services" and "solutions not elsewhere specified" is [http://www.ipindai.com.br/read_blog/37104/vat-flat-rate-scheme ppi reclaim uk] far from clear. If you telephone HM Revenue & Customs for guidance, make confident you maintain a note of the name of the particular person you speak to and the date of the contact.