{"id":1287,"date":"2024-03-11T00:00:00","date_gmt":"2024-03-11T00:00:00","guid":{"rendered":"http:\/\/duffyregan.co.uk\/index.php\/2024\/03\/11\/eligibility-for-the-vat-flat-rate-scheme\/"},"modified":"2024-03-11T00:00:00","modified_gmt":"2024-03-11T00:00:00","slug":"eligibility-for-the-vat-flat-rate-scheme","status":"publish","type":"post","link":"http:\/\/duffyregan.co.uk\/index.php\/2024\/03\/11\/eligibility-for-the-vat-flat-rate-scheme\/","title":{"rendered":"Eligibility for the VAT Flat Rate Scheme"},"content":{"rendered":"<p>The VAT Flat Rate scheme is open to VAT registered businesses that expect their taxable turnover in the next 12 months to be no more than &pound;150,000, excluding VAT. The annual taxable turnover limit is the total of everything that a business sells during the year that is not VAT exempt.<\/p>\n<p>Under the scheme rules, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. There is a special 1% discount for businesses in their first year of VAT registration.<\/p>\n<p>If any of the following apply, you will not be eligible to join the scheme:<\/p>\n<ul>\n<li>you left the scheme in the last 12 months;<\/li>\n<li>you committed a VAT offence in the last 12 months, for example VAT evasion;<\/li>\n<li>you joined (or were eligible to join) a VAT group in the last 24 months;<\/li>\n<li>you registered for VAT as a business division in the last 24 months;<\/li>\n<li>your business is closely associated with another business;<\/li>\n<li>you&rsquo;ve joined a margin or capital goods VAT scheme; or<\/li>\n<li>you are using the Cash Accounting Scheme.<\/li>\n<\/ul>\n<p>Once you join the scheme you can usually continue using it provided your total business income does not exceed, or you do not expect it to exceed, &pound;230,000 (including VAT) in a 12-month period. You must also leave the scheme if you expect your total income in the next 30 days alone to be more than &pound;230,000 (including VAT). There are special rules if the increased turnover is temporary.<\/p>\n<p>If you think that the scheme may be beneficial for your business, please get in touch and we can help you consider your options.<\/p>\n<!-- -->","protected":false},"excerpt":{"rendered":"<p>The VAT Flat Rate scheme is open to VAT registered businesses that expect their taxable turnover in the next 12 months to be no more than &pound;150,000, excluding VAT. The annual taxable turnover limit is the total of everything that a business sells during the year that is not VAT exempt. Under the scheme rules, [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1287","post","type-post","status-publish","format-standard","hentry","category-uncategorised"],"_links":{"self":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=1287"}],"version-history":[{"count":0,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1287\/revisions"}],"wp:attachment":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=1287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=1287"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=1287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}