Hello all, I have just registered for vat back in march /april ( registering for the 'standard' scheme) and am just about to submit my vat return tomorrow for the 1st quarter but have looked at the figures and it looks as if i would be much better off using the flat rate scheme and make savings of about £4000 over this period. This is due to the industry i'm in being very labour and insurance heavy with few expenses except for some,which when i need to buy can exceed £2000 in one purchase.
Is there any way at this late stage to switch to the flat rate before submitting the quarterly return or will i have to bite the bullet and change after this initial quater if that can be done at all?
i know with everything in the news at the mo some people are switching from the flat rate to standard if they are limited cost traders but cant find much info about switching the other way!
kind regards, jo
Is there any way at this late stage to switch to the flat rate before submitting the quarterly return or will i have to bite the bullet and change after this initial quater if that can be done at all?
i know with everything in the news at the mo some people are switching from the flat rate to standard if they are limited cost traders but cant find much info about switching the other way!
kind regards, jo
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