Flat Rate VAT has been an asset to many small businesses by simplifying their administration and usually turning a small profit on the VAT charged to customers. However, HMRC have decided that the scheme is being ‘aggressively abused’ and they’ve put their foot down to try to stop this abuse by bringing in new legislation… Read more »
Posts Tagged: VAT
From the moment the Chancellor mentioned “rising incorporation and self-employment eroding tax collection” in the early part of his debut Autumn Statement speech, Free Agent suspected that there may be some bad news for small businesses lurking in the full report – and it appears they were not wrong. Read the article at FreeAgent →
Find out whether you would you benefit from the VAT Flat Rate Scheme using FreeAgent’s useful online calculator. Open the calculator →
Application for Registration (VAT1)
We take a look at developments with VAT since our last Active Practice Update on this topic.