Using the UK flat rate VAT scheme is quite often beneficial for affiliate marketeers. Many in the affiliate marketing sector have low overheads and in particular small amounts of input tax (VAT charged on purchases).
Under the flat rate scheme, input tax is not reclaimable and the VAT paid to HMRC is calculated as a percentage of gross sales. Gross sales are net sales + the VAT charged to the networks.
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An introduction to online accounting and book-keeping.
Online accounting software, known as “Software As A Service” (SaaS) is accessible via your web browser via a secure session. Thats it! No software to install, no backups, no hardware upgrade required. Software updates, data security, backups and hardware maintenance are taken care of by the service provider.