Small businesses to see changes to the VAT Flat Rate Scheme

Small businesses to see changes to the VAT Flat Rate Scheme

Small business users of the VAT Flat Rate Scheme who have low costs may see the rate they pay drastically increase under new changes. The Flat Rate Scheme was created to simplify businesses’ record keeping, by making it easier for smaller companies to work out their VAT liability. VAT is usually calculated via a two stage process, where VAT registered businesses are required to deduct Read more…