VAT Flat Rate Scheme (Accounting)

If your turnover is less than £150,000 per annum, you could simplify your VAT accounting by calculating your VAT payments as a total percentage of your VAT inclusive turnover for the year. However, you cannot reclaim VAT on any purchases, seeing as it is taken into account in calculating the Flat Rate percentage. The Flat Rate Scheme can help reduce the time spent on accounting for and working out your VAT.

VAT Standard Rate Scheme (Accounting)

If you are registered for VAT, you must charge VAT at the 'Standard Rate' on all goods and services you supply, the Standard Rate is currently at 20%.

VCT (Investments)

Venture Capital Trusts are created as a way for investors to gain access to capital markets. It is a publicly listed closed end fund. Its purpose is to seek out potential Venture Capital Investments in small unlisted firms to make high risk adjusted returns for its investors. VCT's offer certain taxation advantages.

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