FLAT RATE SCHEME - 02.09.2024
Is your flat rate category still correct?
Your business uses the flat rate scheme but you have not carried out regular reviews to check that your trade category is still correct. How should you correct your past returns if you did not change it at the right time?
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VAT SCHEMES - 02.09.2024
Cash and annual accounting schemes: when to leave?
High rates of inflation mean that your sales might have increased because of price adjustments. When must you leave the two schemes and are they still worthwhile for your business anyway?
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VAT - 29.08.2024
VAT when letting part of your business premises
You bought new business premises a few years ago. Since then a change in your business structure means you no longer need all the space. You’ve found a tenant to occupy the unused area. What VAT issues do you need to be aware of?
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VAT CASES - 01.07.2024
Was HMRC correct to terminate use of flat rate scheme?
The case. The use of the flat rate scheme (FRS) was one of many issues considered in this case about the operation of mini-umbrella companies (MUCs). HMRC took the decision to withdraw Elphysic Ltd (E) retrospectively from the scheme on the basis that it was for the“protection of the public revenue”. The officer also issued a retrospective assessment to calculate the VAT owed on the basis of traditional VAT accounting, i.e. output tax less input tax. ...
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FLAT RATE SCHEME - 26.03.2024
Is FRS tax calculated on gross or net holiday let income
A subscriber rents out three holiday homes. They use the flat rate scheme (FRS) but have calculated tax based on the net commission received from their online booking agency. Have they made errors and, if so, how should they correct them?
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VAT - 05.03.2024
VAT and customer incentive schemes
You want to set up a loyalty scheme for your customers but haven’t settled on exactly what it will be. You especially want to avoid tricky VAT issues. What are your options?
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