Commentary

V16.411 VAT—amendment to the Agricultural Flat Rate Scheme (AFRS)

Part V16 Forms and other HMRC material

V16.411 VAT—amendment to the Agricultural Flat Rate Scheme (AFRS)

V16.411 VAT—amendment to the Agricultural Flat Rate Scheme (AFRS)

As announced at Budget 2020, we will introduce new entry and exit rules for the VAT AFRS. The Government engaged with businesses and their representatives in 2019. The following changes will be implemented from 1 January 2021:

  1.  

    •     businesses can join the AFRS when their annual turnover for farming related activities is below £150,000

  2.  

    •     businesses must notify HMRC once their annual turnover for farming related activities exceeds £230,000, to be deregistered from the scheme and register for VAT instead

  3.  

    •     businesses with turnover that exceeds £85,000 for

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