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Not so attractive flat-rate VAT
One of the excellent replies published in response to the Readers' Forum query, 'Flat-rate VAT (see Taxation , 3 March 2005, p552) stated that Customs had 'introduced a 1% incentive for the first year in which traders converted to the scheme'. This view is widely held and has been given to traders during control visits.
Not so attractive flat-rate VAT
One of the excellent replies published in response to the Readers' Forum query 'Flat-rate VAT (see Taxation 3 March 2005 p552) stated that Customs had 'introduced a 1% incentive for the first year in which traders converted to the scheme'. This view is widely held and has been given to traders during control visits.
However Customs advise that the information in Notice 733 Flat Rate Scheme for small businesses published in February 2004 is correct and that this discount is available only for new registrations to compensate for start up costs.
Detailed examples are given in this Notice of the correct treatment where a trader converts during the first year of registration.
DG Black Black & Co Chartered Accountants ...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
