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Flat Rate vs Standard scheme
A quick, indicative comparison of annual VAT due under each scheme.
Annual turnover (VAT incl.)
£
Standard-rated costs (net/yr)
£
Flat rate %
%
Indicative only. Simplified estimate — it ignores capital assets, limited-cost trader rules, exempt income and the 1% first-year discount. Do not choose a scheme on this alone; confirm with RR Accountants.