VAT FLAT RATE SCHEME EXPLAINED (BASICS)!

Great thank you so much 😊

Hello everyone
Construction company is been used flat Rate Scheme , but last week is been removed from the flat Rate scheme,my opinion is as a limited construction company working as a subcontractor should not use the flat Rate Scheme I need to now if I’m wrong or right I appreciate if you can clear my up with this information
Many thanks

Thanks for the video!

Thank you so much for explaining this! I am on the flat rate scheme and needed it explaining properly... I was putting in the figures into my MTD software and was wondering why there wasn't much difference

Thank you for all the videos, the way you explain everything is great!

Lovely clear explanation, thankyou. One question though. I have a VAT registered food business and I'm considering the flat rate scheme as I buy in most goods at 0%, buy a very small amount of recoverable/20% items, but have to charge 20% on most sales to my non-vat registered customers. If I were to go onto the flat-rate scheme, would the sales that I make now on 0% items (such as bread) be included in the total sales I'd pay the new flat rate on please?

About to become VAT Registered due to 85k threshold. However my profits are very low to the amount I spend buying items (In the IT trade) I could spend 20k a month but but only make approx 22/23k on paper making 23k a month but 20k costs. Is it better being flat rate or standard?

Another fabulous and helpful video...
Thank you very much 👍👍👍👍👍🥂🥂🥂🎉🥳🥰

Hi Dan, I love your video! Something I struggle to work out: I import goods from the Netherlands and on a standard VAT scheme I would be able to reclaim the Dutch VAT which is usually 21% (called BTW) in the Netherlands. Can I still reclaim BTW on a Flat Rate scheme? Im guessing not as this would be too good to be true?? Thank you!

Thanks for the video… quick question I have just set up my limited company and in the middle of getting registered for VAT (flat rate scheme)

I am a contractor so wouldn’t have a lot of input VAT hence the flat rate but I am slightly confused as to what what % to use.

I work as a finance migration analyst effectively working on the onboarding team extracting financial data from legacy systems, cleansing the data and loading into the primary finance system.

What type of business would I come under as accounting / bookkeeping is 14.5% and financial services is 13.5%?

Hello. Great video! How do you treat "the profit" on FRS - the difference between normal rate and reduce rate in limited company. Is this subject to corporation tax?
I would appreciate your help, thank you

Very helpful thanks so much

Hello. Great Videos by the way. Have a question, I am a sole trader in film industry, all my customers are VAT registered generally. I’ll be going LTD soon, but is it best to register VAT now or wait until I am LTD? Lastly, is it just a case of charging VAT on my invoices for my services and just tucking that away every time I am paid on those invoices generally? Thanks in advance

Is this the Farmer Flat Rate scheme or that's different. I was trying to find this option when registering for VAT.

Thanks for the great video. How can I leave the Flat Rate Scheme? I´ve already sent a letter to HMRC and requested it but never got an answer. Thanks in advance.

Please help. I am a freelancer and will earn around £20,000 each year. Should I charge VAT for my work and should I use flat rate system ?

Question: I have a VAT registered business most of my expenditure is supplies, but most comes from non-vat registered suppliers. Could I use the flat-rate scheme in this situation?

My new accountant has told me that my old accountant put me on the wrong rate for seven years. Am I Iooking at a world of pain from HMRC?

might be a super basic question, but do I pay income tax ON the VAT? eg let say I earn £100k and with vat that's £120k. When working out income tax is 120k the turnover and effectively the amount that I now use for tax purposes, or is the 20k essentially 'tax free' (other than the, eg, 12% vat I have to pay on the whole amount?

Hi, thank you for your videos. Can you please do video on IR 35.

Nice Vid Dan!