Guide to the VAT Flat Rate Scheme: Eligibility, Rates, Rules for Small UK Businesses
The VAT flat rate scheme is an optional incentive introduced by HM Revenue and Customs (HMRC) to simplify tax compliance for small enterprises. Instead of recording and offsetting every individual item of input tax on purchases, businesses pay a fixed, industry-specific percentage of their gross, VAT-inclusive turnover directly to HMRC while continuing to charge clients…