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VAT Flat Rate SchemeMaking you more than just a numberThe flat rate scheme for small businesses was introduced to reduce the administrative burden imposed when operating VAT. Under the scheme a set percentage is applied to the turnover of the business as a oneoff calculation instead of having to identify and record the VAT on each sale and purchase you make.Who can join? The scheme is optional and available to businesses with anticipated taxable turnover (excluding VAT) of 150,000 or less in...
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