VAT – will your business benefit from the Flat Rate Scheme?

As an SME, whether you are self employed or a limited company, if your turnover becomes above £70,000 then you are obliged to register for VAT. You are therefore obliged to charge VAT on your sales, at the going rate (currently 20%), and claim VAT on your expenses.

At the end of the month, quarter or year you must prepare a VAT return and pay the net VAT due to H M Revenue & Customs. The net VAT due is the  [read more →]