Changes to the Flat Rate VAT Scheme - do you know where you stand? Our expert Personal Accountants have created this essential ebrief to explain exactly what’s changing, how you might be affected, and what your options are.
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Calculate how changes to the VAT Flat Rate Scheme could affect you
On 23 November 2016, the Chancellor announced measures to restrict the abuse of the Flat Rate VAT scheme (FRS) during his Autumn Statement. The measure creates a new category referred to as a ‘limited cost trader’ that carries a percentage rate of 16.5% and is effective from 1 April 2017. Use the calculator below to see how these changes could affect you, and read on for more information.