In a recent tribunal case a taxpayer lost in his attempt to retrospectively leave the flat-rate scheme after he found that it was costing him more VAT than under the normal rules. What’s the full
story?
Published 29.03.2010
The Institute of Taxation recently took up the cudgels with the Taxman over incorrect guidance it had published. This might have caused businesses using the flat-rate scheme to wrongly pay VAT on
investment income. What’s the full story?
Published 21.09.2011
The Taxman’s Flat Rate Scheme (FRS) is a “simplified” way for small businesses to pay VAT. But it hasn’t been popular, so from April 2009 he’s making it easier to join. Will this make the scheme more
inviting, or should you remain wary?
Published 12.03.2009
The limited cost trader rules which will apply from 1 April 2017 are bound to result in many traders choosing to leave the flat rate scheme (FRS). But if you give the new rules a chance can you later
opt out of the FRS retrospectively?
Published 17.03.2017
The Taxman’s flat rate scheme (FRS) can reduce your VAT bill. But it might also cost you money if you have to meet a large one-off expense. What steps can you take to avoid this trap and maximise the
VAT you can reclaim?
Published 03.02.2011
Where you buy goods or services that are used only partly for business, the Taxman says you can reclaim a fair and reasonable proportion of the VAT. But in some cases you can reclaim the lot. When
does this apply?
Published 05.03.2012
HMRC promotes its VAT flat rate scheme (FRS) as a way to make your record keeping easier. What it doesn’t say is that there’s a stack of tricky rules to contend with. So is it worth signing up to or
not?
Published 05.06.2015
Your business turnover has just exceeded the flat rate scheme (FRS) limit and so you must leave it. The business has stock, equipment and unpaid invoices on hand. What VAT adjustments are required
and how should you make them?
Published 03.05.2018
The Taxman extols the virtues of the time and admin savings you can make by using his flat rate scheme (FRS), but he’s keen to play down some of the VAT savings it offers. What are these and when can
you take advantage of them?
Published 24.02.2012