VAT Flat Rate Scheme Update

[kaiser78]

Give a man a fish and he'll be hungry again later. Teach a man to fish and you do him a good turn. Teach a Spaniard to fish and he'll claim all the fish caught in British waters are his and were caught legally but at least after Brexit we will be able to reclaim our British waters again.

That's kept the thread on track.

I was enjoying reading it until this point...

[Lambert Simnel]

That's kept the thread on track.

I was enjoying reading it until this point...

Agreed.

To get back on track, I have told my accountant that I want to leave FRS at the end of the month (and had that acknowledged). Does anyone know if I should be getting any formal confirmation/acknowledgement from HMRC? I feel slightly at risk without having had something formal from the government, and as they took the time out to write to me about the changes in the FRS, I thought, being the friendly sorts they are, they might also want to drop me a note about my company exiting it.

[TheCyclingProgrammer]

Agreed.

To get back on track, I have told my accountant that I want to leave FRS at the end of the month (and had that acknowledged). Does anyone know if I should be getting any formal confirmation/acknowledgement from HMRC? I feel slightly at risk without having had something formal from the government, and as they took the time out to write to me about the changes in the FRS, I thought, being the friendly sorts they are, they might also want to drop me a note about my company exiting it.

You need to write to HMRC to let them know you're leaving the FRS.

I did so weeks ago but as yet I've not had a written response despite asking for one. I'm going to ring them this week to get confirmation that I can start using the standard scheme from 1 April.

[pr1]

You need to write to HMRC to let them know you're leaving the FRS.

I did so weeks ago but as yet I've not had a written response despite asking for one. I'm going to ring them this week to get confirmation that I can start using the standard scheme from 1 April.

“The requirement to notify that someone will be leaving the scheme has not been removed. However this is a notification that they are leaving not an application, they do not need to wait for a letter from us to leave the scheme.

https://www.att.org.uk/technical/new...scheme-changes

[TheCyclingProgrammer]

“The requirement to notify that someone will be leaving the scheme has not been removed. However this is a notification that they are leaving not an application, they do not need to wait for a letter from us to leave the scheme.

https://www.att.org.uk/technical/new...scheme-changes

Thanks, that's good news. I wish I'd known you could email them, I'm assuming this is a recent change as my accountant told me I had to send them a letter.

[Lambert Simnel]

You need to write to HMRC to let them know you're leaving the FRS.

I got the impression that my accountant was doing that on my behalf. I shall check.

[SueEllen]

You need to write to HMRC to let them know you're leaving the FRS.

I did so weeks ago but as yet I've not had a written response despite asking for one. I'm going to ring them this week to get confirmation that I can start using the standard scheme from 1 April.

I left at the end of January my response came about 2.5 weeks later on a Friday.

Oh and I just got my letter today informing me the flat rate scheme is changing.....

[pr1]

I left at the end of January my response came about 2.5 weeks later on a Friday.

Oh and I just got my letter today informing me the flat rate scheme is changing.....

Out of interest - what made you want to miss out on the last 2 months? Purely accounting simplicity?

[TheCyclingProgrammer]

Ran this past my accountant and he recommended still giving them a ring to confirm they received my letter just in case.

[SueEllen]

Out of interest - what made you want to miss out on the last 2 months? Purely accounting simplicity?

Yep.

To be fair I was going to leave the scheme over a year ago as in some quarters I lost money due to hotel costs.