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6 Common errors made on Flat-rate scheme VAT returns
Since VAT return figures under Flat-rate scheme is worked out different to the standard VAT scheme based return, many people make mistakes on their return. HMRC has listed the following common errors on their website. 1) the 1% reduction is applied by businesses that have been registered for more than 12 months When you registered…
VAT schemes for small businesses
If you own a small business, you have several alternatives to the standard VAT accounting that you may consider. In some cases, these VAT schemes can save you time and money so let’s take a look at how each of these VAT schemes works. Cash Accounting Scheme The Cash Accounting Scheme basically means that your…