UK Which VAT Scheme will work best for me?

Feb 18, 2021
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United Kingdom
I buy goods from lots of sellers who are not VAT registered so I can not claim any VAT back.

I was looking at the VAT Flat Rate Scheme, I think this might be best as it is 7.5% for retail and 1% less for first year.

I can not claim any VAT back on this sale. Have I worked this out correct?

Item cost: £180 (no VAT)
Resell: £300 (inc 20% VAT)

Flat Rate Scheme VAT: 6.5% = £19.50 VAT
NET PROFIT = £100.50 (is this right?)

Standard Scheme VAT: 20% = £50 VAT
NET PROFIT = £70.00

1. Have I worked this out correct for the flat rate scheme?
2. Will this be the best option or is there other options?
3. Is the Flat Rate Scheme 6.5% only charged on the total of ONLY the future sales I make once I register for VAT.

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