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That simple tax
KEY POINTS
- HMRC claims that thousands of employment intermediary businesses are applying to use the flat rate scheme.
- Will the new limited cost trader rate achieve its objective in preventing abuse?
- Traders leaving the scheme will have to deal with a lot of compliance work.
- HMRC is creating an online tool to help taxpayers deal with the changes.
- Anti-forestalling rules apply.
I first met Neil Warren at Queens Dock in Liverpool. We had been invited to discuss the workings of the VAT flat rate scheme.
After an interesting discussion with HMRC officers we caught the train south and the miles flew by as we shared VAT-related anecdotes. The third passenger at our table was unconscious before Crewe and possibly in need of CPR by Milton Keynes.
Now the flat rate scheme...
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