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b) Steffi is a sole trader and is registered for VAT Steffi uses the flat rate scheme for her business making standard rated supplies and
b) Steffi is a sole trader and is registered for VAT Steffi uses the flat rate scheme for her business making standard rated supplies and incurring standard rate expenses. The flat rate percentage relating to her business is 9% In the year ended 31 March 2022 she had the following transactions Standard rated sales to the public 30,000 Standard rated purchases 9,000 Standard rated expenses 3,000 I All the above figures are inclusive of VAT Required: Calculate the VAT saved by using the flat rate scheme as opposed to the standard method
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