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Second list of deliberate tax defaulters published15/05/2013 - More...
HMRC have published its second list of deliberate tax defaulters. The list includes 15 individuals, businesses and companies and includes the amounts of tax on which penalties are
Fraudulent emails from 'HMRC'
15/05/2013 - More...
Taxpayers are reminded that the problem of fraudulent emails continues. The emails are part of a 'phishing' exercise that use bogus e-mails and websites to trick taxpayers into
Renewing tax credit claims
15/05/2013 - More...
Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2013. Claimants who do not renew on time may have their payments
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The VAT Flat Rate Scheme
Source: HM Revenue & Customs | | 15/05/2013The purpose of the VAT Flat Rate scheme (FRS) is to simplify the way a business accounts for VAT and in so doing reduce their administration costs of complying with the VAT legislation. However, most businesses that sign up for the Flat Rate Scheme do so in order to save money on their VAT bill and benefit from time saved using the scheme. FRS is especially useful for businesses that reclaim minimal input VAT on business expenses.
Businesses can only apply to use FRS if they expect their annual taxable turnover in the next 12 months to be no more than £150,000, excluding VAT. The annual taxable turnover is the total of everything that a business sells during the year. It includes standard, reduced rate or zero rate sales and other supplies. It excludes the actual VAT charged, VAT exempt sales and sales of any capital assets. Special rules apply to the sale of capital assets worth more than £2,000.
