We recently added a fantastic new feature to Clear Books Accounts, enabling users to compare VAT liabilities under standard VAT and the Flat Rate Scheme (FRS).

We’ve now added a comprehensive guide to using this feature – click here to take a look at our step-by-step instructions, including helpful screenshots.

Whilst the feature is available to all users, accountants and bookkeepers will find it useful to advise clients which scheme is most likely to be beneficial to them.

What is the difference between each VAT scheme?

Standard VAT 

VAT is based upon the difference between VAT charged to customers and VAT paid on purchases

Flat Rate Scheme

VAT is paid at a fixed rate applied to VAT inclusive sales, with the rate being dependent on the type of business

 

Posted by Darren Taylor

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