taxassist-shrewsbury

Some people are calling it the VAT Flat Rate Scheme (FRS) fiddle.

HMRC have just announced new FRS rates (which are necessary as the VAT rate increased from 15% to 17.5% on 1st January, 2010). Instead of the rates simply reverting to the pre-November, 2008 rates (when the standard VAT rate was 17.5%), HMRC have taken the opportunity to change a number of rates.

If you are on the FRS, you need to make sure that the scheme is still advantageous for you.