.png)
.png)
Changes to the flat rate scheme and the ways to avoid becoming a limited cost trader.
KEY POINTS
- The new flat rate scheme rate of 16.5% comes into force from 1 April.
- Consider starting a new venture in the trading company to avoid being a limited cost trader.
- Broaden range of services to extend customer base.
- Time purchases of items required for the office.
- The proposals are within the letter of the law but are they within the spirit of it?
I have a dilemma. I will soon be telling two clients that their VAT bills will increase dramatically after 1 April 2017 when the ‘limited cost trader’ category in the flat rate scheme (FRS) is introduced.
The rate for the new category is 16.5%. This means there is virtually no credit for input tax and it is at least 2% higher than any...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
