Limited Cost Trader
Posted 25th December 2018 by admin
Mr Darren owns a vet practice in London. The veterinary business produced an income of a certain amount.
Moreland’s Helping with calculating VAT
Moreland reviewed the practice and its financial bookkeeping figures. It revealed that the practice was eligible for a limited cost trader status.
11% Flate Rate of VAT was charged.
- The VAT that was charged was 11% of the gross income of his Vet practice. This figure was lower than he expected and saved him money in paying back the VAT to HMRC.
- Moreland identified that right amount of flat rate applicable to the practice and audited the practice to be deemed eligible for the Flat Rate Percentage.
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