1.0Beyond Compliance: Technical & Advisory Insightshttps://www.taxpartnersuk.com/blogTax Partnershttps://www.taxpartnersuk.com/blog/author/tax_partner/rich600338<blockquote class="wp-embedded-content" data-secret="3F07regSrT"><a href="https://www.taxpartnersuk.com/blog/vat-flat-rate-scheme/">VAT: Flat Rate Scheme</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://www.taxpartnersuk.com/blog/vat-flat-rate-scheme/embed/#?secret=3F07regSrT" width="600" height="338" title="“VAT: Flat Rate Scheme” — Beyond Compliance: Technical & Advisory Insights" data-secret="3F07regSrT" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script> /*! This file is auto-generated */ !function(d,l){"use strict";l.querySelector&&d.addEventListener&&"undefined"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!/[^a-zA-Z0-9]/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),o=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),c=new RegExp("^https?:$","i"),i=0;i<o.length;i++)o[i].style.display="none";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute("style"),"height"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):"link"===t.message&&(r=new URL(s.getAttribute("src")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener("message",d.wp.receiveEmbedMessage,!1),l.addEventListener("DOMContentLoaded",function(){for(var e,t,s=l.querySelectorAll("iframe.wp-embedded-content"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute("data-secret"))||(t=Math.random().toString(36).substring(2,12),e.src+="#?secret="+t,e.setAttribute("data-secret",t)),e.contentWindow.postMessage({message:"ready",secret:t},"*")},!1)))}(window,document); //# sourceURL=https://www.taxpartnersuk.com/blog/wp-includes/js/wp-embed.min.js </script> Businesses need to account for VAT on each item of their sales and purchases. Broadly, if you have collected more VAT on your sales than what you have paid on your purchases you pay HMRC the difference, and HMRC pays you if you paid more. Obviously, this involves a lot of time and effort. In […]