VAT flat rate scheme, when to leave the scheme?
I just wanted to double check my understanding of when a company should leave the flat rate scheme. I understand that it is when the turnover (including VAT) exceeds £230,000 in 12 months. My query is with regards to the period that counts as 12 months.
I believe that it was at any 12 month period from joining the scheme, i.e. on a rolling basis. However a colleague said they thought it was only at each anniversary of joining the flat rate scheme that you look back over the past 12 months.
Which is correct?
Thank you in advance for your help.
- What expenses to claim for painter/decorator working from home base 41 1
- ICAS GPPM 76 1
- PPR for non-residents after 05 Apr 2015 110 2
- Payroll 236 7
- Buying fees 681 5
- IHT Query 439 11
- Audit and paypal balances 175 7
- Missing C79 154 5
- Tax relief for backdated pension contributions 488 16
- VAT margin scheme 270 14
- Partnership Tax Return £100 penalty-was a tax return due in this case? 303 8
- How to walk away without questions 2,729 17
- Takeover of Annual PAYE scheme 127 2
- Get it off your chest 252 4
- Directors bonus 154 2
- Auto Enrolment specialist service provider 107 1
- Personal Pension Withdrawal 284 3
- HMRC Unpaid Debt Collector 268 5
- do you receive fewer phone calls than some years back because of emails 179 3
- break even point 1,120 33
- Possible Partnership? 557
- Lunatics in charge of the asylum - Bluestone 553
- Tax and accounting treatment on long lease granted from freehold 481
- New Fangled Penalties 354
- Clubs and Taxable Income 293
- Purchase of property freehold - capitalisation of costs 277
- Loans to other companies 220
- Closed PAYE schemes and auto enrolment 213
- Outsource Data Entry 180
- Lenovo – Superfish & Komodia – is your PC vulnerable 179