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Topic Archives: VAT

VAT or Value Added Tax is a sales tax. Once you reach a certain limit you must register. Read our blogs for more information.

introduction to what is vat

Introduction to VAT for contractors

  This is a big area for a lot of businesses and one that causes much confusion to contractors, freelancers and small businesses. HMRC has a heavy penalty regime for VAT , so it is important you get this right What is VAT? Essentially, VAT is a sales tax, which you collect by charging it [...]

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what is flat rate scheme (frs)

VAT Flat Rate Scheme

What is VAT Flat Rate Scheme (FRS)? This is a special VAT scheme designed for contractors, freelancers and small businesses with turnover below £150,000.  It allows you to still charge 20% VAT on invoices, but only pay HMRC back at a smaller percentage – depending on your business category. Who is it for? As part [...]

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