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FLATRATESCHEME Archives - Bryden Johnson

UNDERSTANDING THE PROS AND CONS OF THE VAT FLAT RATE SCHEME FOR BUSINESS

On Posted on 5th March 20245th March 2024 by Louise Denvir to News, Tax

Value Added Tax (VAT) is a significant consideration for businesses. It impacts your cash flow, the amount of admin work needed, and even your overall profitability. One option available to businesses – with a VAT exclusive turnover of £150,000 or less – is the VAT Flat Rate Scheme (FRS), which offers a simplified approach to […]

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SHOULD SMALL BUSINESSES STILL USE THE VAT FLAT RATE SCHEME?

On Posted on 3rd July 20233rd July 2023 by Louise Denvir to News, Tax

The VAT Flat Rate scheme was introduced in 2002 to simplify VAT reporting for small traders, reducing the time taken to calculate VAT and prepare returns compared to normal VAT accounting. The thresholds for using (£150,000 pa) and exiting the scheme (£230,000 pa) have not changed since 2003. With the extension of Making Tax Digital […]

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