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 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 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
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) 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 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
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
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