Flat Rate VAT Changes - are they out?

Cant see the changes in the Finance Act.

Didn't find your answer?

I am probably being stupid as usual, but I cant see the legislation for the flat rate VAT scheme in the finance act, or in anything else issued today. 

 

 

 

Replies (4)

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chips_at_mattersey
By Les Howard
20th Mar 2017 16:59

Reg 55T allows HMRC to vary the terms of the scheme by changing their Notice 733. Arguably they do not even need a new SI.

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By ireallyshouldknowthisbut
20th Mar 2017 17:17

Thanks for the info, the original draft looked like proper legislation, so I was expecting to see it in the act.

This appeared on 7th March:

http://legislation.data.gov.uk/uksi/2017/295/made/data.html, but this doesn't go nearly as far as the revised notice 733 which included various "anti-avoidance" measures not in the above, such as excluding purchases for 'second trades'

I just dont want to push the button on my mailer to clients until I am 100% of what the final position is, or I will be looking pretty silly.

Edited to add: thanks Dick.

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Replying to ireallyshouldknowthisbut:
chips_at_mattersey
By Les Howard
21st Mar 2017 17:59

I think the 'second trades' issue is addressed by the new Reg 55(A)(4)(a)(iv).

ireallyshouldknowthisbut wrote:

Thanks for the info, the original draft looked like proper legislation, so I was expecting to see it in the act.

This appeared on 7th March:

http://legislation.data.gov.uk/uksi/2017/295/made/data.html, but this doesn't go nearly as far as the revised notice 733 which included various "anti-avoidance" measures not in the above, such as excluding purchases for 'second trades'

I just dont want to push the button on my mailer to clients until I am 100% of what the final position is, or I will be looking pretty silly.

Edited to add: thanks Dick.

Thanks (0)