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The auctioneers' scheme is a variant of the basic margin scheme, so there are many similarities. The scheme is optional and can be operated on a transaction-by-transaction basis. When an auctioneer sells...
The following table shows the rates applicable to the various business sectors defined by HMRC. Category of business carried on Flat rate % Accountancy or book-keeping 14.5 Advertising 11 Agricultural...
An optional scheme is available for farmers under which no VAT is reclaimed on purchases, or output tax charged on sales. Instead, a flat rate levy is charged to VAT-registered customers and...
VAT agricultural flat rate schemeFrom 1 January 2021, traders with farming-related turnover of more than £230,000 will be required to leave the agricultural flat rate scheme. A...
Agricultural flat rate scheme letterIf you operate a small farming business, you might qualify for a little known scheme that can give your cash flow a boost.When is the scheme available?The agricultural...
What is the agricultural flat rate scheme (AFRS)?The AFRS is, as the name suggests a flat rate scheme designed for farming and similar types of business. An unusual feature of the scheme is that...