Limited Cost Trader The Autumn statement announced changes that may impact your business. Specifically, businesses using the Flat Rate VAT (FRV) Scheme, or thinking about using it, will need to assess whether they meet the definition of a Limited Cost Trader (LCT);...
You have to register for VAT when your VAT taxable turnover exceeds the VAT registration threshold in any 12-month rolling period, or if it will exceed the threshold in the next 30 days alone. Please see this HMRC link for more information. VAT taxable turnover: This...
In the first part of this article I looked at the basics of VAT in the UK. The VAT rates, VAT registration and VAT thresholds etc. In this part I’m going to look at another UK VAT scheme. Flat Rate VAT scheme There is another VAT scheme that businesses can...
*Just a quick disclaimer before I begin. This information is very basic. To be able to make it easy to understand, I’m not going to go into every possible scenario. That’s your accountant’s job. I’m just going to give you a very basic overview...
