Originally posted by RonBW
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VAT Flat Rate Scheme Update
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Originally posted by Alan @ BroomeAffinity View PostYes, you do. I had a notion that they may have withdrawn this for low cost traders, but it seems not.First they ignore you, then they laugh at you, then they fight you, then you win. But Gandhi never had to deal with HMRCComment
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TLDR; most of us will want to seriously consider coming off the FRS and people who have been trying to concoct buy/sell schemes to try and get around it are, predictably, out of luck.Comment
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Originally posted by TheCyclingProgrammer View PostTLDR; most of us will want to seriously consider coming off the FRS and people who have been trying to concoct buy/sell schemes to try and get around it are, predictably, out of luck."You’re just a bad memory who doesn’t know when to go away" JRComment
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Has anyone had any advice from their accountants about switching off the VAT FRS midway through a VAT period? Mine is waiting for a response from HMRC.Comment
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Originally posted by alloverit View PostHas anyone had any advice from their accountants about switching off the VAT FRS midway through a VAT period? Mine is waiting for a response from HMRC.See You Next TuesdayComment
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Originally posted by Lance View PostMy accountant will change me to normal VAT at the end March. My next VAT period ends at the end of April.
So you have to pay all your VAT for April up front."You’re just a bad memory who doesn’t know when to go away" JRComment
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Originally posted by SueEllen View PostYou won't be able to use the cash accounting scheme until your next VAT period.
So you have to pay all your VAT for April up front.
What if I used Cash accounting before joining the Flat Rate Scheme?
You carry on as before. There is no need to pay the VAT your customers owe you when you change schemes. Include any payments you receive whilst using the Flat Rate Scheme in the total to which you apply your flat rate percentage. VAT Notice 731 Cash accounting gives information about the Cash accounting scheme.Comment
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Originally posted by alloverit View PostHas anyone had any advice from their accountants about switching off the VAT FRS midway through a VAT period? Mine is waiting for a response from HMRC.Comment
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Originally posted by Alan @ BroomeAffinity View PostI don't think that's the case if you are already operating cash accounting.
I would just ring the VAT office up and check."You’re just a bad memory who doesn’t know when to go away" JRComment
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