Small Businesses: VAT

HM Treasury written question – answered on 21st October 2015.

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Photo of Guto Bebb Guto Bebb Conservative, Aberconwy

To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the effect on SMEs of a move from the flat rate scheme for VAT to the general rate.

Photo of David Gauke David Gauke The Financial Secretary to the Treasury

HMRC estimates that, on average, businesses moving from the flat rate scheme to standard VAT accounting incur extra administrative costs of £45 per year.

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