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When my position as IT support manager for a law practice became redundant I set up in business with the intention of providing IT consultancy services to professional practices.
I registered for VAT using the flat rate scheme (FRS) for the computer and IT consultancy sector from day one: an FRS percentage of 13.5% after applying the 1% discount for the first 12 months.
It proved impossible to break into the market for outsourced IT consultancy services but I have managed to build up a reasonable computer repair business.
When I reviewed my use of the FRS after my first year I realised that I had chosen the wrong sector.
I am now using the FRS percentage for the computer repair services sector: 10.5%.
However HMRC are refusing me credit for the VAT I incorrectly accounted for in my first year saying my original...
