Hello. I am running VAT on the Flat Rate Annual Accounting Scheme as a limited cost business. My rate is therefore 16.5%, but most years I make enough applicable purchases (> 2% of the flat rate turnover) to reduce the rate to my industry sector rate. I have just registered to QuickFile and set up the account with the 16.5% rate, but want to know if this gets automatically adjusted to the lower 14.5% industry sector rate that applies to my business automatically if I meet the requirements. Appreciate any feedback the community may have on this.
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