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Enjoy more than just a brief encounter with the VAT flat rate scheme
KEY POINTS
- Monitoring business turnover is critical to the use of the VAT flat rate scheme.
- Only taxable sales count towards the joining threshold.
- The leaving threshold is higher than that for joining the scheme.
- Note the concession for future turnover.
- There is a two-month period of grace when leaving the scheme.
It is human nature to want to make a good thing last as long as possible. And in the VAT world most small business owners will usually want to stay in the flat rate scheme (FRS) as long as they can to enjoy the potential time and tax savings it offers.
But what if the turnover of the business grows quickly and the point is reached where it might have to say goodbye to the...
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