.png)
.png)
MIKE THEXTON and NEIL WARREN warn advisers to be aware of three important issues discussed with HMRC in relation to the flat rate scheme
KEY POINTS
- How does HMRC calculate the appropriate flat rate percentage?
- The inclusion of buy to let income in the flat rate scheme.
- Are sales of let property cars etc. to be included?
- Bank interest. When is this business income?
- Are the rules fair and should they be amended?
It is always reassuring to read the replies to readers’ queries in Taxation and see that the experts agree with each other.
It restores one’s confidence that the legislation on a subject is fully understood and that the tax system is hopefully producing a level playing field for us all.
However when it has come to VAT queries over the last couple of years that outcome has occasionally been lost in relation to the flat rate scheme (FRS).
...
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.
