The New Flat Rate Scheme
New HMRC guidance regarding the flat rate scheme
On 4 May 2016 HM Revenue & Customs (HMRC) issued an updated edition of VAT Notice 733 regarding the flat rate scheme for small businesses:
This notice cancels and replaces Notice 733 (May 2013).
Details of the changes to the previous version can be found in paragraph 1.2 of the above notice.
Our article ‘Are you paying too much VAT?‘ referred to controversial HMRC guidance that has been removed from the 4 May 2016 edition of VAT Notice 733.
For further information on this topic, and all other VAT queries please contact our VAT team: