In April 2017, there is a major change to the Flat Rate Scheme (FRS) affecting low "cost" businesses.
From 1 April 2017, HMRC will introduce a new category, of a "limited cost trader", with a flat rate of 16.5%.
Two of the most common reasons are: So what is the “Flat Rate Scheme” for VAT?
From your date of registration, the time limit is: 4 years for goods you still have, or that were used to make other goods you still have, and 6 months for services.
It may also be possible to improve matters by backdating registration in some cases – although you would need to take into account potential output tax liability on sales not previously liable to VAT.
For example will they be included on the first vat return?
The First Tier Tribunal (FTT) found that the misunderstanding of the company over whether the builders’ costs were for goods or services was genuine.
telephone, software, insurance, bank charges and accounting fees will count as "goods".