VAT Flat Rate Scheme

How the Flat Rate Scheme saves you money on your VAT bill

HMRC’s Flat Rate Scheme (FRS) allows a company to pay a reduced fixed rate of VAT, meaning you keep the difference between the rate you charge to customers (20%) and the rate you have to pay back to the taxman.

In layman’s terms, you get to keep a bigger piece of the pie you charge out, and the taxman stays happy.

Who benefits from the Flat Rate Scheme?

Any business with a turnover under the £150,000 a year threshold could potentially benefit from the Flat Rate Scheme. Any industry can benefit, and just a few of the industries we’ve already helped with the FRS include…

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Any catches?

Not at all. If you are signed up to the Flat Rate Scheme you will only need to leave the scheme once your profits reach a certain level.

On top of this, if it is your first year of being a VAT registered business under the FRS, you receive a 1% discount!

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