Does Anyone Know All The Rates Of The VAT Special Schemes?
| Related: | Personal Finance•Tax•VAT |
The flat-rate scheme allows small businesses to calculate the amount of VAT they pay over to HM Revenue & Customs (HMRC) by applying a rate that is below the standard one to their gross turnover. There may be winners and losers, but normally professionals such as surveyors, solicitors and designers with freelance earnings will gain from the flat-rate scheme.
Those working as freelancers or consultants with gross earnings below £150,000 a year may be able to reduce their VAT by registering for a special scheme.
Answers (3)
I have been looking into this creativesaver, its interesting and appears to be beneficial for most of the businesses who fit the criteria. However I can't seem to find a resource (not even the HMRC website) that lists clearly the rates, have you been able to find one?
May be we shall get a full response from a money.co.uk peer who has worked in the HMRC.It does very fascinating that certain consultancies and lawyers can profit from this scheme and it is all legitimate of course.
Do you mean the "flat-rate VAT" schemes for business - the rates are published here: http://www.hmrc.gov.uk/vat/start/schemes/flat-rate.htm
This allows a business whose VAT taxable turnover - excluding VAT is £150,000 or less to pay a flat rate of VAT.
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