Can company leave flat rate vat scheme

Flat rate scheme is wrong for my new client.

Didn't find your answer?

New Co. appointed accountant who registered company for Vat and Flat rate scheme. Accountant prepared and submitted first Vat returm.

Client not happy with accountant and has appointed me as new accountant.

It is clear that company should not have registered for Flat rate scheme plus accountant has made errors in calculating turnover.Would it be possible for client to withdraw from scheme and resubmit return ?

Thank you very much for any help and advice

 

Replies (2)

Please login or register to join the discussion.

Stepurhan
By stepurhan
14th Feb 2017 14:50

Withdraw from the scheme. Yes, you can do that at any time by writing to HMRC. You can't do it retrospectively though.

Resubmit the return. No. You can't resubmit VAT returns in any case. Even if you could, the business was registered for the flat rate scheme when that return was submitted so. Subject to errors in the calculations themselves, that return was correctly completed as an FRS return.

It is possible to correct for the errors in the calculations themselves. (i.e. to correct the amount due using the flat rate scheme). Subject to size, that would normally be done on the next return.

Thanks (1)
Replying to stepurhan:
avatar
By garforth
14th Feb 2017 21:29

Hello stepurhan, Thanks very much for your response .I was afraid that was case. Going to have to tell client to go back to initial accountant to sort things out. Most grateful.

Thanks (0)