VAT Flat Rate Scheme 4.12
The VAT Flat Rate Scheme allows businesses with a turnover less than £150,000 to simplify their VAT accounting. Alongside the temporary reduction of the standard rate of VAT, the Government will also amend the sectoral rates of the VAT Flat Rate Scheme in line with the standard rate reduction, allowing 180,000 small businesses in the scheme to benefit from the rate reduction.
The VAT Flat Rate Scheme allows businesses with a turnover less than £150,000 to simplify their VAT accounting. Alongside the temporary reduction of the standard rate of VAT, the Government will also amend the sectoral rates of the VAT Flat Rate Scheme in line with the standard rate reduction, allowing 180,000 small businesses in the scheme to benefit from the rate reduction.
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