Category Archives: VAT


09

Feb 2017

Flat Rate Scheme changes – Limited Cost Traders

Among the measures relating to business taxation in Autumn Statement 2016, Philip Hammond announced a change to the VAT flat rate scheme. From April 2017 this could have significant effects on the tax liability of small businesses that currently make use of the scheme. Background to the FRS Under the FRS a set percentage, determined by the business trade sector, is applied to the VAT…

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14

Aug 2014

Flat Rate Scheme

VAT is the most complicated tax that a business has to deal with on a daily basis. Using standard VAT scheme, your VAT liability is the difference between the VAT you charge on your sales and the VAT you incur on your purchases. If your business predominantly sells to other VAT-registered businesses and the amount of VAT you recover on your purchases is fairly low,…

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Tax Concept