If you use the VAT flat rate scheme (FRS) the normal rules don’t apply to some types of transaction, for example, if you sell an item of equipment which you’ve used in your business. How should you
record the transaction and account for any VAT?
Published 07.05.2021
The flat rate scheme has advantages for small businesses, not least the potential to reduce their quarterly VAT bills. However, one of the disadvantages is a restriction on reclaiming VAT paid on
some capital purchases. When does this rule apply?
Published 15.05.2023
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
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
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
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) 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
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