The VAT flat rate scheme can save work, but may cost you money. Read this article to find out why. #VAT #flatratescheme #limitedcostbusiness

The VAT flat rate scheme is a simplified scheme that can save work. Instead of working out the VAT that you need to pay over to HMRC by deducting input VAT from output VAT, you pay a fixed percentage of your VAT-inclusive turnover. The percentage depends on the nature of your business.