Important Amendments to Flat Rate Scheme for Small Businesses

HMRC have re-written Notice 733 covering Flat Rate Schemes for Small Businesses.

Full details of the amendments can be seen here.

After a recent Tribunal decision, HMRC agreed that bank interest is no longer included in exempt supplies. This means that businesses that have included bank interest (at the insistence of HMRC) now need to review the turnover for their Flat Rate Scheme and exclude any from their Flat Rate Scheme calculations.

Make sure you review previous Flat Rate Scheme calculations where bank interest has been included and reclaim any over-paid VAT!

 

If you would like any further guidance on these amendments then please contact Jeannette today on 01792 410101 or email   Jeannette McLellan Tax Partner at Bevan and Bucklandjeannette.mclellan@bevanbuckland.co.uk

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: