Changes to VAT flat rate scheme

[Shane]

Did I read the Govt's statement right?

It looks like the flat rate will be 16.5% for all 'Limited cost' traders.

 

Looks like it's open to a bit of interpretation as to what constitutes Limited cost but it would be useful to get some expert views on this.

 

 

They suggest it will make things easier? For whom?

 

[Shane]

I've tried reading through the HMRC guidelines (dated 23/11/16) but can't see a lot of difference. Hopefully the BBC news article is a bit of scaremongering.

 

Well worth getting the accountants to check this one out.

[nailer]

It looks like tree firms on Flat Rate will have no change, but most freelance climbers on the Flat Rate would need to increase their pay-back to 16.5%. This BBC article explains it:

https://www.google.co.uk/amp/www.bbc.co.uk/news/amp/38084493?client=safari