Concerns for small businesses using the VAT flat rate scheme

From 1 April 2017 HMRC are changing the rules for using the VAT Flat Rate Scheme (FRS).  In an attempt to wipe out what HMRC has seen as abuse of the flat rate scheme, businesses will now need to determine whether they fall into a “limited cost trader” category, by comparing the percentage of goods … Continue reading Concerns for small businesses using the VAT flat rate scheme