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Final curtain
KEY POINTS
- The new limited trader category of the flat rate scheme comes into force on 1 April 2017.
- Timing of invoices to ensure optimum VAT is paid on leaving the flat rate scheme.
- Treatment of assets and stock when deregistering.
- Scope to claim bad debt relief using form VAT 427.
I did something five times last week that I had only done about three times in the previous 20 years. No not carrying out rigorous exercise or buying a round of drinks for friends but deregistering five clients for VAT purposes. Readers who have read Mike Thexton’s and my articles in Taxation (‘That simple tax’ 2 March 2017 page 10 ‘Flat rate dilemma’ 12 January 2017 page 11 and ‘Get on with the game!’ 8...
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