The Federation of Small Businesses (FSB) has published a study, which reveals that nearly half of business sectors have seen an increase to the amount of flat rate VAT they pay. Flat rate VAT is paid by the smallest businesses that have a turnover of less than £150,000, in order to minimise administration. However, the FSB analysis shows that small firms in the agricultural services sector have seen their rates increase by 2.5%, while newsagents, grocers, clothing shops and tobacconists have seen their rate rise by 1.5%.
For more on this story from the FSB go to:
http://www.fsb.org.uk/News.aspx?loc=general&rec=5981