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The Flat Rate Scheme was introduced as an simple way for little companies to calculate their VAT liability.

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

Under the flat rate scheme, you simply preserve a percentage of the VAT charged to your consumers. The percentage you preserve varies depending upon which industry you are in.

You ignore VAT on your purchases, the VAT you pay basically becomes a expense. Eg If you commit ten + VAT on stationery, the expense of that stationery becomes 11.75.

The flat price scheme does permit you to reclaim the VAT on 'large' capital products - where you devote much more than 2,000 you can reclaim the VAT on that item.

Must I be on the flat rate scheme?

As you claim a percentage of sales, these with greater sales stand to benefit much more.

Those with low purchases (as a result paying little in reclaimable input tax) also stand to acquire from the scheme.

For example 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 eight,068 per annum by switching to the Flat Price VAT scheme.

To see how considerably you might save, try the  Flat Rate VAT scheme calculator

How do I join the Flat Rate VAT Scheme?

The easiest way is to call the VAT guidance line on 0845 010 9000, who will be capable to take your VAT registration quantity and relevant particulars on the telephone, following which you will be registered right after roughly 21 days.

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

How do I determine which sector my enterprise falls into?

If your organization has sales in two or a lot more sectors, you must apply the percentage suitable to the principal organization activity, as measured by your sales.

Some sectors are clearer than other individuals. The difference amongst "other enterprise services" and "solutions not elsewhere specified" is far from clear. If you telephone HM Revenue & Customs for guidance, make confident you preserve a note of the name of the particular person you speak to and the date of the get in touch with. [http://www.ppiclaimback.co.uk/ppi-claims/ tell us what you think]