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?
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