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MIKE THEXTON recounts a winning understanding of the rules on the VAT flat-rate scheme
KEY POINTS
- A recap: what was the argument all about?
- Was interest exempt business income or outside the scope?
- Consideration and the customer/bank relationship.
- When is interest in the course of the business?
- The distinction between core and satellite activities.
- Will HMRC publish a new Business Brief?
Sonny Curtis and the Crickets (or perhaps The Clash for our younger readers) may have been ‘breaking rocks in the hot sun’ but Keith Gordon and I ‘fought the law’ and won the argument about whether a small company’s interest income is always liable to VAT under the flat rate scheme. That is unless HMRC decide to come back for another round in the Upper Tribunal.
In earlier articles (I want an argument I want an...
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