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Flat Rate

Understanding the VAT Flat Rate Scheme

Introduced in April 2002, the VAT Flat Rate Scheme offers small UK businesses the opportunity to simplify their VAT accounting. To qualify for the scheme, a business must have:

• a VAT exclusive annual taxable turnover of up to £100,000, and
• a VAT exclusive annual turnover, including the value of exempt supplies and other non taxable income, of up to £125,000.
• Businesses must check each year to make sure that their annual VAT inclusive turnover does not go over £150,000. If it does, they must leave the scheme.

How does it work?

Let's say that a business has a turnover of £50,000. VAT is chargeable on this as follows:

£50,000 x 0.175 = £8,750

Giving a total revenue of £58,750.

The VAT Flat Rate percentage is then applied to this figure. (The percentage varies, depending on the trade sector.)

If we assume a VAT Flat Rate percentage of 13%, we have:

£58,750 x 0.13 = £7637.5

This is the amount (£7637.5) that has to be paid to HM Customs & Excise (the tax man).

So, the difference between the amount of VAT charged for the supply of goods or services (£8,750) and the amount paid to the tax man (£7637.5) is £1112.5.

So, if the company has no expenses they would have gained £1112.5 by the end of the year. However, if the company has a lot of expenses during the course of the year, they would probably be better off to not be in the VAT Flat Rate Scheme. This is because they would be able to offset the VAT they paid out on the expenses, against the VAT they received for the supply of goods or services.

For example: If an IT company has a turnover of $50,000, and incurs £15,000 (+ VAT) worth of expenses:

£15,000 + £2,625 = £17,625 (this is the total cost of the expenses)

The £2,625 can be offset against the £8,750 of VAT charged for the supply of goods or services: £8,750 - £2,625 = £6,125

So, the amount paid to the tax man in this instance would be £6,125, which is less than the £7637.5 paid to the tax man for the VAT Flat Rate example given earlier. In this case, the company would be better off to not be part of the scheme.

 

About the Author

John Dixon maintains two bookkeeping applications. Both applications are aimed at small business bookkeeping. He also maintains a website that traces the history of the computer.

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