Which of the following is an advantage of the flat rate scheme?

The flat rate scheme offers a significant advantage in terms of simplified administration for VAT. This is primarily because businesses using this scheme do not have to keep detailed records of the VAT on every individual sale. Instead, they pay a fixed percentage of their turnover as VAT to HM Revenue and Customs (HMRC). This greatly reduces the volume of record-keeping and calculations needed, making it easier for smaller businesses to manage their VAT responsibilities.

In essence, the flat rate scheme simplifies the process, which can save time and reduce the potential for errors in VAT submissions. As a result, businesses can focus more on their operations rather than on complex accounting tasks. This feature is especially beneficial for small to medium-sized enterprises that may not have extensive accounting resources or personnel.