![]() The 3% VAT charged on the value of goods you buy becomes an extra cost to your business. You cannot charge 3% VAT if you are not registered for VAT. Only entities registered under the VAT Flat Rate Scheme can charge the 3% VAT.The VAT Flat Rate Scheme (VFRS) does not apply to manufacturers and service providers.Retailers: entities that buy goods in smaller quantities and resell them to their customers.Wholesalers: entities that buy goods in bulk from manufacturers or importers and resell them to their customers.Importers: entities that bring in goods from other countries and sell them to their customers.The VAT Flat Rate Scheme (VFRS) is a special scheme which allows people who qualify to charge 3% VAT on the price of goods they sell. ![]() What is the VAT Flat Rate Scheme (VFRS), who qualifies for it, and how does it affect your business? In this article we consider these questions.
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