Flat accounting scheme-VAT

Question 1

Definition

Answer 1

Flat rate % provided by HMRC is applied to all VAT inclusive sales

Question 2

COnditions (3)

Answer 2

• Good VAT return and payment record
• Join when taxable supplies <£150,000
• Leave wen they exceed £230,000

Question 3

Ads (2)

Answer 3

• Easy to use and reduces admin burden

- May reduce VAT liability