Did you know that the VAT Flat Rate Scheme (FRS) changed from April 2017? From April you needed to do a calculation to check that you were not a “Limited Cost Trader” which meant that instead of using your FRS % for your trading (SIC) code, you will need to use 16.5%? This almost completely eliminates any financial advantages of being on the FRS and many businesses deregistered from VAT altogether. Was this an option that you were aware of?
To find out how it impacts you, call LeeP on 01733 699033 or email [email protected] for a consultation.