Pro-Taxman

Flat Rate Scheme

Hospitality and Leisure Business

Discover how the reduced VAT scheme works for hospitality and leisure businesses

Reduced rate of VAT for hospitality and leisure The hospitality and leisure industries have been severely affected by the Coronavirus pandemic. To help businesses in these sectors to get back on their feet, a reduced rate of VAT of 5% rather than the standard rate of 20% will apply to certain supplies for a limited …

Discover how the reduced VAT scheme works for hospitality and leisure businesses Read More »

Tax Calculation

Most VAT-registered business can use the flat rate scheme if it is expected that VAT taxable turnover in the next 12 months to be £150,000 or less. Read more…

FRS for VAT – Who is it for? The VAT flat rate scheme (FRS) is used by many small businesses to help simplify their VAT reporting obligations, although some VAT experts would argue that the scheme is not simple to use. Broadly, the FRS is a simplified VAT accounting scheme for small businesses, which allows …

Most VAT-registered business can use the flat rate scheme if it is expected that VAT taxable turnover in the next 12 months to be £150,000 or less. Read more… Read More »