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We provide our clients with regular updates on changes in taxation regulation, news from the world of accounting and, of course, information about the latest developments at Phil Clayton Accountancy.

Flat Rate VAT

Enables you to pay VAT as a fixed percentage of your VAT inclusive turnover. The actual percentage you use depends on your type of business.

 

Limits

  • Your estimated VAT taxable turnover, excluding VAT in the next year needs to be £150,000 or less
  • You don't reclaim any of the VAT you pay on purchases, although you may be able to claim back the VAT on capital assets worth more than £2000

 

Once you join the scheme, you can stay in it until your total business income is more than £230,000. After that you can't rejoin for 12 months.

 

In the first year of VAT registration, you get an additional one per cent reduction in your flat rate percentage until the day before the first anniversary of when you became VAT registered.

 

Please find details of the Flat Rate VAT scheme on the HMRC website here.

New online access

Consult our online tips and newsletters, including information about recent changes in taxation regulations.

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Office hours

Monday to Friday 09.00-17.00

Saturday 09.00-13.00

Address

PCA Accountancy
460 Blackpool Rd

Preston

Lancashire

PR2 1HX

 

Tel: 01772 464 822

Mobile: 07432 467 463

Email: info@pcaaccountancy.co.uk

 

Please contact us about our services, we look forward to hearing from you!

News

New online access

Consult our online tips and newsletters, including information about recent changes in taxation regulations.

 

More information