![]() If you are not a limited cost business, you use your business type to work out your flat rate. You can calculate if you need to pay the higher rate and work out which goods count as costs. This means you pay a higher rate of 16.5%. £1,000 a year (if your costs are more than 2%).You’re classed as a ‘limited cost business’ if your goods cost less than either: You get a 1% discount if you’re in your first year as a VAT-registered business. You may pay a different rate if you only spend a small amount on goods. The VAT flat rate you use usually depends on your business type.
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