Entirely North West


Could you make savings by using a more tax effective VAT Scheme?

Haines Watts Liverpool is advising small business owners across the North West to review their VAT scheme as there may be savings by using a more tax effective method.

Could you make savings by using a more tax effective VAT Scheme?

Director of the Victoria Street office Russell Silverman is encouraging small business owners to undertake a simple review of their current VAT scheme which may result in a saving of hundreds of pounds by applying to join the Flat Rate Scheme.  The Flat Rate VAT Scheme is an incentive provided by the government to help simplify taxes and means you charge VAT on your invoices at 20%, but pay back HM Revenue & Customs at a lower rate.

The Flat Rate Scheme is ideal for most Contractors, Freelancers, Consultants and Interim Managers.

It is also the scheme that is recommended for businesses that have very few VAT chargeable purchases and expenses i.e. don’t buy much stock.

Haines Watts is an award-winning, fresh thinking accountancy firm that specialises in advising and supporting business owners.  Combining industry expertise and knowledge, the Haines Watts Group works with more than 35,000 companies across the UK.  Haines Watts believe in translating technical knowledge into sound commercial advice and actions a sounding board to help and support ideas and help achieve goals.

"By making the switch many of my new clients have made savings, resulting in an invaluable unexpected cash injection of funds."
Russell Silverman

Russell said “There are many benefits to the Flat Rate Scheme, it does reduce the amount of paperwork and also if you are in your first year, you receive a 1% discount on the percentage you are expected to pay in the future.”

Like standard VAT, the Flat Rate Scheme still requires you to complete a quarterly VAT Return form, but is usually much simpler to calculate.  The VAT percentage you pay is considerably lower than that of standard VAT rate and you keep the difference as profit.

Russell added “ By making the switch many of my new clients have made savings, resulting in an invaluable unexpected cash injection of funds.”

For more information about Haines Watts visit www.hwca.com/accountants-liverpool or call 0151 227 3463.


DISCLAIMER: The statements, opinions, views and advice expressed in this article are those of the author/organisation and not of ENTIRELY. This article should represent information correct at the time of publication however whilst every care has been taken to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. ENTIRELY will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within this article or any information accessed through this site. The content of any organisations websites which you link to from ENTIRELY are entirely out of the control of ENTIRELY, and you proceed at your own risk. These links are provided purely for your convenience and do not imply any endorsement of or association with any products, services, content, information or materials offered by or accessible to you at the organisations site.

Get The Entirely Weekly Brief In Your Inbox

BW Macfarlane Chartered Accountants

BWMacfarlane are one of the leading, independent chartered accountancy practices in Liverpool. BWMacfarlane provide a wide range of accountancy and business support services to organisations and individuals throughout the North of England and beyond.

Greystone Financial Services

Financial Services and Investments

Greystone Financial Services is an integrated wealth management group comprising financial planning and advisory services, and in-house fund management. We are a Chartered, Top 100 IFA firm, currently managing over 1 billion of assets on behalf of our clients. Many of our advisers and Directors have been with the firm since its inception in 1989. Greystone Financial Services is an extremely stable business, having adopted the recurring incomefee based operating model as far back as 1995.

Lucas Johnson

Insolvency Practitioners with a difference - we GUARANTEE to deliver a solution to your problem. The solution will be right for you to achieve your objectives. We cover the entire North West, so wherever you are we can serve your needs.

Hallidays Chartered Accountants and Business Advisors

Hallidays Chartered Accountants and Business Advisors were established in 1843 in Manchester and now situated, since 2008, in modern, purpose built offices next to the M60, Stockport and have 60 dedicated team members.

Crowe Clark Whitehill

With an office in Manchester city centre, Crowe Clark Whitehill is a leading national firm offering audit, tax and advisory service. Michael Jayson heads up the Manchester office.