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...]

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...]

VAT Notices published in early May 2013

VAT Notices published in early May 2013 HMRC has published three VAT Notices in the last couple of days: Insolvency - 700/56 Cancelling your registration - 700/11 Flat Rate Scheme for Small Businesses - 733 Insolvency This notice is dated May 2013 and replaces the March 2013 edition. HMRC indicate that the following changes have been … [Read more...]

HMRC scrap Flat Rate Scheme ready reckoner

HMRC has withdrawn the Flat Rate Scheme ready reckoner that I referred to in The VAT Flat Rate Scheme for Small Businesses – a brief description. This is sad news as it means that it is currently harder to work out whether using the Flat Rate Scheme is harder. You will have to do all the calculations yourself. It is possible that a new … [Read more...]

Good News for users of the Flat Rate Scheme

Good News for Flat Rate Scheme (FRS) users One of the things that some businesses who are eligible to use the FRS find difficult to deal with is that the turnover to which they apply the flat rate percentage includes the following: standard rated turnover; reduced rate turnover; zero-rated turnover; and exempt turnover. So if a … [Read more...]

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