Flat rate scheme

Forum Categories › VAT SCHEMES › Flat rate scheme

  • This topic is empty.
Log In Register Lost Password
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • 26 July 2018 at 14:59 #55498
    Bennett
    Member

    Hi Guys,

    I have been registered as Vat business for last 2.5 years. And every quarter my vat re-claimed is next to nothing as compared to what I pay to HMRC.

    up until now, I foolishly didn’t know about existence if FRS.

    So I have few questions

    Am I eligible to apply, am well below threshold of £150K.
    Can I reclaim my FRS for the returns already submitted to HMRC for last 2.5 years ?

    12 September 2018 at 21:26 #55862
    vatconsultant
    Member

    You can find more information on flat rate scheme on VAT notice 733 and perhaps apply to be on the scheme.

    HMRC will notify you in writing if your application is successful. The letter will tell you the date you can start to use the scheme. This will normally be from the start of the VAT period following receipt of your application. If you request an earlier or later start date, HMRC will consider all the facts including the timing of your application and your compliance record. They will not normally allow you to go back and use the scheme for periods for which you have already submitted your VAT returns.

  • Author
    Posts
Log In Register Lost Password
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.