As a general rule, the Taxman expects you to scale down your VAT claim for purchases which are partly for non-business purposes. But in some cases he’ll allow you to make a full claim. When can you
take advantage of this concession?
Published 28.06.2011
We received a question from a subscriber who asked whether he could reclaim VAT on the costs of using a room in his house. The simple answer is “yes”, but as you would expect there’s more to it than
that. What’s to know?
Published 18.09.2009
HMRC has updated its guide to the flat rate scheme (FRS) and the special VAT rate that some types of business use, plus the steps it will take if you use the wrong rate. Are these changes likely to
increase or lower your VAT bill?
Published 09.06.2016
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
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
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 Taxman likes to promote the VAT flat-rate scheme as a time and money-saving arrangement for traders. But one of our subscribers found out the hard way that there’s more to it than meets the eye.
What was the problem?
Published 15.10.2009
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
The VAT flat rate scheme (FRS) rules block you from reclaiming VAT on purchases except for high value capital assets, e.g. a van. But what’s the VAT position if you bought the asset before you
started using the FRS?
Published 07.01.2020
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 15.02.2011