Commentary

BB/27B/03 VAT—changes to the VAT Flat Rate Scheme

Part V16 Forms and other HMRC material

BB/27B/03 VAT—changes to the VAT Flat Rate Scheme

BB/27B/03 VAT—changes to the VAT Flat Rate Scheme

Business Brief, Issue 27. 10 December 2003

This Business Brief article explains the changes to the Flat Rate Scheme (FRS) announced by the Chancellor in his pre-Budget report. The key changes are—

  1.  

    —     Lower rates for all sectors, with an average reduction of about 1 per cent.

  2.  

    —     A further reduction of 1 per cent off the normal flat rates for businesses in their first year of VAT registration.

  3.  

    —     An online ready reckoner to help businesses and advisers check the benefits of FRS for themselves.

  4.  

    —     Telephone and email applications to make

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial