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If your business is small you might consider using the flat rate scheme (FRS) to simplify VAT administration. How can combining it with cash accounting mean extra savings? And are there circumstances
when you should avoid it?
Published 22.12.2017
A quirk of the flat rate scheme is that you can claim a VAT windfall on bad debts, even if you only account for output tax when you receive payment from your customers. How does this windfall work in
practice?
Published 01.03.2019
If you’re thinking of joining the flat rate scheme (FRS), you’ll need to be sure it doesn’t cost you any more than normal VAT accounting would. As backdating any application to leave will be
difficult, what should you watch out for?
Published 28.08.2012
Your business has two sources of income which come within different flat rate scheme (FRS) categories. Can joining the scheme potentially reduce your VAT payments to HMRC in this situation?
Published 03.11.2021
If your business is operating on the flat rate scheme and it purchases a capital item, then you know you can claim back the VAT. But to take full advantage, what counts as a capital purchase?
Published 29.04.2015
The flat rate scheme simplifies VAT reporting and reduces your administrative burden. It can also save you money. How could changes announced in the Autumn Statement 2016 affect this?
Published 16.12.2016
A subscriber recently had a visit from the VATman and was pleased to hear that he could claim back more VAT on the flat rate scheme than he thought. But is this correct?
Published 31.10.2012
You have always calculated the VAT you owe with the flat rate scheme by adding the total credits in your bank statements for the return period, applying your flat rate percentage to this figure. Why
might this method lead to errors?
Published 02.04.2021
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