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The flat-rate scheme and fixed assets are not a match made in heaven, says NEIL WARREN
KEY POINTS
- Background to the flat-rate scheme.
- The application of the £2 000 limit for fixed assets.
- The exclusion for assets to be leased out.
- Must VAT be charged on the sale of fixed assets?
- Applying the principle of proportionality.
- The treatment of overseas purchases.
There are certain things in life that just don’t go together very well. Fudge and false teeth are a case in point (so my old gran used to tell me); flip-flops and football are another mismatch and to continue the alliterative theme so are fixed assets and the flat-rate scheme.
This combination can produce some potential pitfalls and in this article I will try and unravel some of the mysterious issues relating to their...
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