What Is Flat Rate Vat Scheme

A scheme in which the amount of Vat which a business pay or clamin from CMRC. The amount is actually the difference of Vat charged to customer by businesses and the Vat the business pay for its purchases.

The businesses who's Vat turnover is £150,000 or less(excluding Vat) can join this scheme

If you want to check whether you are eligible or not for this scheme, you need to calculate the Vat as you know the Vat amount you paid to HRMC is the difference between the VAT charged by the business to customer and the amount paid by the business while purchasing goods.with our online Vat calculator tool you can add or remove Vat from any amount.

Important points to consider

You paid Fix Vat to HRMC.

You keep the difference between what you charge your customers and pay to HMRC.

You cannot reclaim the VAT on your purchases - except for certain capital assets over £2,000.