Guide to Flat Rate VAT Scheme

Starting your own business and becoming a freelancer or contractor can be really confusing. Lots of people want to make the leap but don’t because they’re not sure about the financial rules and regulations.

So whether you are new to contracting or already established in your field, arm yourself with knowledge from our handy – and totally free – contractor and business guides. Downloadable, so you can reference them whenever you need to, and always up-to-date with the latest legislation, they contain everything you’ll need to successfully start and grow your own successful business as a contractor, freelancer or self employed professional.

What's in the guide?

  • About the Flat Rate VAT Scheme-and changes from 1st April 2017
  • About the Standard Rate scheme
  • What  business expenses can  you claim VAT on?
  • Reviewing your VAT options
  • Case studies
  • HMRC guidance on Flat Rate Scheme

Keeping up to date with VAT Legislation

The Government believes that some trades have unfairly benefited from using the Flat Rate Scheme, particularly small businesses with low costs, such as contractors,

and hopes that a change to the way the Flat Rate Scheme is calculated “will help level the playing field, while maintaining the accounting simplification for the small businesses

that use the scheme as intended.” From 1st April 2017, so-called ‘limited cost traders’ will use a new 16.5% rate when calculating their Flat Rate Scheme liabilities.

Why Brookson?

For over 20 years, we’ve provided accountancy, tax and support services to over 90,000 contractors, freelancers and self-employed professionals - it’s what we specialise in and it means we’ve been able to develop a unique service that is innovative, friendly and easy to use.

  • Know your tax position when you need to – with daily* updates from Brookson
  • Know how much you can safely withdraw from your business, without spending the taxman’s money
  • Realise your earning potential – now and for the future, with advice on pensions, investments and wealth planning
  • Benefit from FREE and unlimited employment status reviews (IR35)
  • Get support every step of the way with our unique Tax Promise
  • Specialist Advisors available 6 days a week†
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"You take away the pain of understanding all the tax requirements and associated returns, which allows me to focus on my role as an IT contractor."

Ian Tunstill
     

"As I am newly self-employed, I have had lots of questions and Brookson have always been extremely helpful and ensuring I fully understand. I would not hesitate to recommend them."

Shelley Connor

*Excludes weekends and bank/public holidays. † Specialist Advisors available six days a week, Monday to Friday, 8am-6pm and Saturday, 9am-1pm. Excludes bank/public holidays.