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Flat rate VAT scheme - is it still relevant ?

Posted by Gary RK on February 11, 2018 at 10:46am in Accountancy

I read an article from an Accountancy Practice questioning whether small businesses are benfiting from the FRS;

 

"Flat Rate VAT Scheme rules have changed

If you are charging VAT when you don’t need to, then;

•  Is this putting your business at a competitive DISADVANTAGE
•  Is it costing you money
•  Is it causing unnecessary administration

The VAT flat rate scheme (FRS) was set up as an incentive provided by the Government to help small businesses.  When it was established many years ago it was intended to help by simplifying VAT.  Up to 01 April 2017 FRS was recommended to help most small businesses. 

What changed? In April 2017 an additional higher flat rate was applied to businesses in ANY sector if they have “limited costs”.

It is unlikely that most small business, particularly service businesses, will benefit from FRS any longer.

Has your accountant advised you to leave FRS and / or deregister for VAT? "

So, If you're on the scheme, maybe time to discuss further with your Accountant ?

 

Source 'Anytime Accountancy'

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