Free Guides for new and growing businesses from HRBS - fixed fee accountants and business advisors

Flat rate VAT scheme

flat rate vat scheme Flat rate VAT schemeIs the VAT flat rate scheme right for you?
Whether or not the VAT flat rate scheme is beneficial for you would depend upon the administration costs saving due to its simplicity weighed against the fact that in most circumstances, VAT on purchases (“input VAT”) cannot be reclaimed.

Use our handy calculator

We have created a handy Excel calculator for you to quickly work out whether you would be better off joining the scheme. Some businesses, in particular those with exempt supplies, may be worse off under the scheme.
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Tax deductible expenses guide to tax deductible expenses Tax deductible expensesThere is a great deal of confusion as to what you can and what you can’t deduct from your profit for tax purposes.

This tip gives a brief list of the types of expenditure you can claim, some of which you may already be deducting, some may be new to you and applicable to your business.

In general, costs enabling you to run the business and are incurred for business purposes are tax deductible.
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