The percentage you pay depends on your business sector..
. You can check what percentage your business sector would have to pay by going to gov.uk and searching HMRC VAT Notice 733 — Flat Rate Scheme.
Once your company is registered as a VAT payer, it’s time for periodic VAT returns, an area in which MB TAX ADVICE specializes. The tax office offers several VAT schemes designed to accommodate the specific needs of different business sectors, as well as the expectations and capabilities of each company.
The first is the Annual Accounting Scheme.That is, the annual VAT return. Its advantage lies in submitting only one comprehensive return per year. The downside, however, is that businesses overpaying VAT can claim their UK tax refund only once, at the end of the year.
Another popular VAT scheme is the Flat Rate Scheme.It is designed mainly for small businesses, helping to reduce the administrative burden of bookkeeping.
Instead of calculating VAT for each individual transaction, a fixed percentage of turnover is applied as the VAT payable (for example, 11%).
There are also several other schemes, such as the Cash Accounting Scheme. However, selecting the most suitable one should be done after consulting an MB TAX ADVICE corporate tax expert.
The percentage you pay depends on your business sector..
. You can check what percentage your business sector would have to pay by going to gov.uk and searching HMRC VAT Notice 733 — Flat Rate Scheme.
Don’t be tempted by so-called “accountants” or unprofessional advice found online. MB TAX ADVICE serves dozens of different businesses, including Limited companies registered for VAT, and can optimize your company’s tax return in line with your expectations and UK tax regulations. Call or write to us today.
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