Flat rate vat percentage for discounted year

Accounting
1

Hi there just setting up flat rate vat and would like to know what figure i should enter into the % of FRV box my rate is 10% but i understand that for the first year i get a 1% reduction, so should i enter the full 10% or the discounted 9%.

Regards,
Jeff.

2

That will be 9% for first year then 10% thereon

1 Like
3

Thank FaradayKeynes for your swift response.

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