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Limited Cost Trader

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.

  1. 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.
  2. 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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