![]() your customers are VAT registered you will have to calculate the VAT and issue VAT invoices in the normal way.Your business will not benefit from the scheme if: fixed rate percentages that are lower than the standard rateĢ.3 Which businesses cannot use the scheme.simplified record keeping, as you do not have to keep detailed records of sales and invoices.It allows you to apply a fixed flat rate percentage to your gross turnover to arrive at the VAT due.įixed rate percentages vary depending on the type of business. The Flat Rate Scheme is designed to simplify your records of sales and purchases. Basics of the Flat Rate Scheme 2.1 The Flat Rate Scheme If you cannot find the answer to your question in this notice, read in VAT guide (VAT Notice 700). Many of the normal VAT rules apply to the Flat Rate Scheme. This notice explains the Flat Rate Scheme, who can use it and how to apply to join. Introduction 1.1 What this notice is about
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