How to benefit from the flat-rate VAT scheme
These are the rates for the Flat Rate VAT Scheme (FRVS). The first column shows the rates for 2009. The last column shows what the flat rates will revert to when VAT returns from 15% to 17.5%.
The flat-rate VAT scheme (FRVS) makes small business lives easier. Rather than recording the VAT on every transaction you make (EG goods and services you pay for and offer), you just pay a set percentage of your turnover. This saves you loads of paperwork.