Flat rate VAT changes for small businesses explained

Flat rate VAT changes for small businesses explained

Significant changes have been announced for the amount of VAT that many small businesses will have to pay.
This will affect businesses that use the VAT Flat Rate Scheme but which spend very little on raw materials - such firms providing services.
The VAT Flat Rate Scheme simplifies businesses' record keeping, and makes it easy to work out the VAT they have to pay.
The proposed changes are the most important element of the Autumn Statement for this type of business.
How does it work? Normally a business deducts the VAT on its inputs (what they buy) from the VAT charged on what they sell... read more

24 November 2016 in Business, Views: 65
Source: BBC

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