Flat rate scheme: are you a limited cost business?

Flat rate scheme: are you a limited cost business? From 1 April 2017 new rules coming to effect that are likely to have a negative impact on many service businesses particularly those providing professional services. These are the ones that sell the knowledge of the business owners and their staff. HMRC says you are a limited cost business if … [Read more...]

Road Fuel Scale Charge from May 2017

I have posted updated Road Fuel Scale Charge data that applies to VAT period starting after 30¬†April 2017. You can find it on the Road Fuel Scale Charge from 1 May 2017¬†page. … [Read more...]

Budget 2017: VAT issues

In his Budget on 8 March 2017 the Chancellor of the Exchequer, Philip Hammond, covered four VAT items. Only one of which I heard mentioned in his speech. The rest were covered in the supporting documents published after the Chancellor finished his speech in the House of Commons. VAT registration limit The VAT registration limit will increase by … [Read more...]

Re-emergence of the ‘monthly’ newsletter

Hello, I'm posting this to let you know that I am still here and have decided to start my monthly newsletter again. The system is now automated so if I have put out a post since the last newsletter was sent another will be sent. Each will come out on the first day of each month. Those of you who have added me to your contacts list will you … [Read more...]

Flat rate scheme changes: bad news for sole trader business advisers

In the 2016 Autumn Statement the Chancellor of the Exchequer announced a change to the Flat rate scheme to address an abuse of the scheme. The Flat rate scheme is intended to provide small businesses with an administratively easy way of accounting for VAT. The scheme is intended to bring in about the right amount of VAT without giving businesses a … [Read more...]

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