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The problems and opportunities created by the flat rate scheme are reviewed by NEIL WARREN
KEY POINTS
- The scheme — 'back to basics'
- Advantages of the scheme
- Who will lose out under the scheme?
- The importance of regular reviews
- Make sure that the right rate is used
The flat rate scheme celebrated its fifth birthday on 1 April — making it a suitable time to review its progress so far. The key questions I will consider in this article are as follows.
- Has the scheme been worthwhile for clients and advisers?
- Has it achieved the aim of making VAT administration simpler for small businesses?
- Have HMRC adopted a sensible approach to assist taxpayers faced with 'grey area' challenges (e.g. decisions about which flat rate category should be adopted).
- Should advisers be more proactive to identify...
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