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Introducing our new VAT comparison feature

News posted by Aaran Bains 6 years ago

Clear Books has created a new feature which allows users to compare their current VAT scheme to the Flat Rate scheme. The Flat Rate scheme is useful for small business as, if applicable, they will be able to pay less VAT to HMRC*. This is primarily aimed at accountants, who can review VAT schemes and make recommendations based on a small businesses finances accounts.

The new VAT scheme comparison feature allows you to view how close a user's accounts are to the Flat Rate scheme threshold which may give users an indication as to whether they should be moved that scheme to save on VAT expenditure.

The report will utilise the data entered into the account and will compare each quarter beginning with the final month of the financial year chosen.

A guide about our new VAT comparison feature is coming soon.

*Disclaimer: Our new VAT comparison tool estimates the potential tax owed when looking to change your VAT scheme to the Flat Rate scheme. Please note that this is only an estimate, and if you feel you would benefit from changing your VAT scheme, we recommend contacting HMRC or your accountant who will be able to provide advice specific to your scenario. Clear Books plc can not be held liable for any loss (including loss of income) when changing VAT scheme based on this estimate.

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Should add that as important, if not more more so, is that the comparison screen also shows FRS registered businesses how much they are saving (or losing) by being in the scheme and how close they are to the £230K limit for remaining in the scheme.

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