Good afternoon everyone and welcome to the next edition of Content Corner. Now for those be beady-eyed of you,

you may notice I'm in the same clothes I was in last week. That is not because I wear the same clothes on every day, much to popular belief.

But I'm actually on holiday this week. So this is a recording from last week and the team have been able to get that out this week.

So currently, hopefully, fingers crossed when this is being launched,

I'm on a beach in Cornwall, in the surf, paddling along, trying to stand up on a board

and probably ending up flat on my ass, if the truth be told.

However, the plan is to have the sand

in my toes and enjoying a bit of time off. So that's why I'm in the same closest last week. But what I wanted

to talk to you about today is the difference between flat rate and standard rate. It's one of those

questions around VAT that we get asked quite regularly, and we

fully see, important that we give you as much information as we can when you need it, and to

make that as simple and as easy as possible. Now, many people make this as difficult as they

possibly can, and it is really straightforward to understand. There are two schemes. The first

one we're going to talk about is standard rate.

This is the one that the majority of people are on. It's really easy. When you send your goods to the

UK, you'll pay 20% import VAT. There's some import duties there as well, but you'll pay 20%

import VAT. When you do your VAT return on a quarterly basis,

you'll tell the government what you've sold

and you'll tell them how much sales VAT you owe them.

Now on the standard rate, what happens is,

is that that range 20% across everything, okay?

So that's the standard rate.

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