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  • VAT Memo - Particular activities - Farming - Agricultural flat rate scheme - 5970
    Under this scheme (which covers a wide range of activities), the farmer is not registered for VAT, and so has no obligation to account for VAT or submit returns. Instead, a flat rate addition or levy is charged to VAT-registered customers, and this is kept by the farmer as extra income (to compensate for the non-recovery of input tax suffered). The levy is therefore effectively a subsidy, which the customer recovers from HMRC as if it were input tax.
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  • VAT Memo - Particular activities - Second-hand goods and collectibles - Auctioneers' scheme - Scope - 6750
    The auctioneers' scheme is another optional simplified variation of the normal margin scheme. Essentially this scheme allows VAT to be accounted for on a profit margin when an auctioneer sells eligible goods on behalf of a third party. The rules of the main margin scheme apply, but with certain modifications in relation to the: - eligible goods; - method of calculating the margin; and - record-keeping requirements. Auctioneers who sell eligible goods and invoice in their own name may, instead of adopting the...
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  • VAT Memo - General Information - Appendix - Simplified accounting schemes - Flat rate scheme percentages and trade sectors - 9979
    The following table shows: - the percentage rate which applies to each trade sector from 4 January 2011; and - the trades which HMRC considers fit in each sector. For the rates prior to 4 January 2011 see previous editions of -VAT Memo. From 1 April 2017 the flat rate for a limited cost trader is 16.5% (see ΒΆ4673). Category of business Flat rate % Trades which HMRC considers fit in each sector Accountancy or book-keeping 14.5 Accountants and bookkeepers Income tax preparation services Advertising 11 Advertising...
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