6 February 2012    |    Uncategorized

VAT Flat Rate scheme

Who can join the Flat Rate Scheme?

You can join the Flat Rate Scheme for VAT and so pay VAT as a flat rate percentage of your turnover if: 

Generally you don’t reclaim any of the VAT that you pay on purchases, although you may be able to claim back the VAT on capital assets worth more than £2,000 – see the section in this guide on claiming back VAT on capital assets for the rules and restrictions. 

Once you join the scheme you can stay in it until your total business income is more than £230,000.

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