• Posted November 24, 2016

Changes to the VAT Flat Rate Scheme

In his first Autumn Statement as Chancellor, Philip Hammond, announced an introduction of a new 16.5% flat rate of VAT for businesses which have a very low cost base. These businesses will be known as a ‘limited cost trader’. From 1 April 2017, new and existing users of the Flat Rate Scheme will need to determine whether […]