VAT & The Flat Rate Scheme - The Complete Guide

Introduction

This VAT Scheme looks simple and easy to use, and it is essentially, but there are traps for the unwary. What percentage should be used? What should be included in turnover? What about input tax claims? One size does not fit all!

This new virtual classroom seminar covers every single aspect of the Scheme and highlights those traps so that they can be avoided.

This session is ideal for anyone who needs an in-depth yet practical grounding on the Flat Rate Scheme and its workings, and their team leaders who need to ensure uniformity of approach.

What You Will Learn

This live and interactive session will cover the following:

• An overview of the Scheme, including eligibility and main conditions
• Determining the correct Flat Rate Percentage to apply
• The ‘ins’ and ‘outs’ and finer points
• VAT cases that prove a point
• Retrospective changes - possible?
• What is a ‘limited cost’ business that carries a high rate?
• Interaction with other VAT Schemes
• Records - how to invoice, keep records and complete the VAT return
• Turnover and cash-based methods
• International goods and services - treatment for the FRS
• Retailers and Barristers
• Capital expenditure goods - what are they exactly? What can we claim?
• VAT Bad Debt Relief, and factoring debts
• Leaving the Scheme
• ‘Growing out’ of the Scheme
• When you must leave, and when you can
• The practical steps for leaving, and appeals to HMRC

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.