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 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
You’re considering whether to join the VAT flat rate scheme (FRS). Your bookkeeper has warned that you might be classed as a “limited cost trader” which will nullify the VAT savings that the scheme
offers. Is there a way around this?
Published 08.07.2021
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
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
If your business mainly supplies services and you use the VAT flat rate scheme, you might assume that you’re stuck using the VAT rate for limited cost traders. How can you manage your expenses so
that it doesn’t apply and thereby reduce your VAT?
Published 16.04.2020
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
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