BABC member Moore Kingston Smith shares insights into the 'reduction in the VAT rate: flat rate

In line with the temporary reduction in the VAT rate to 5% for certain businesses in the hospitality sector, the flat rates for smaller businesses have also been reduced.

The VAT flat rate scheme is designed to simplify accounting records of sales and purchases, and the steps necessary to calculate VAT liabilities. It allows for a fixed flat rate percentage to be applied to gross turnover to arrive at the VAT due.

Read the full article.

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Moore Kingston Smith

Moore Kingston Smith is a dynamic, leading UK firm of accountants and advisers to businesses which range from entrepreneurial start-ups through to large international groups. The firm is a leading member of Moore Global, a worldwide accountancy and consulting network of more than 260 firms, helping to navigate the complexities and opportunities of business on local, national and international levels. Moore Kingston Smith has a dedicated North America Group of international expansion specialists that have been supporting both UK companies planning to expand to North America and businesses from across the Atlantic looking to enter the UK market for over three decades.

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