VAT Flat Rate Scheme

If your annual net turnover is less than £150,000, have you considered the Flat Rate scheme for your VAT? For some businesses, there can be a saving against the standard calculations especially if you make a large number of zero rated or exempt purchases.
In addition, if you are in your first year of VAT registration you get a 1% reduction in flat rate. This means you can take 1% off the flat rate you apply to your turnover, until the day before your first anniversary of becoming VAT registered. Note that the entitlement to apply the reduction runs for the 12 months following the date of registration for VAT and not the date you join the FRS.For more details please see the HMRC web site