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.
- error on companies house accounts 722 18
- RTI penalties 75 1
- ACCA, ACPA, IFA, ICPA 513 7
- Bookkeeping software for cafe and VAT 133 2
- How do we get US withholding tax back? 307 5
- US Sales Tax 112 1
- Does SMP and SPP go up if leave goes across 2 tax years? 367 15
- Anti- Money Laundering - CIMA Practising Certification Application 198 3
- Simplified auto enrolment? 131 1
- Group Relief 127 4
- R&D Credits 102 1
- Is the annual Money Laundering Payment tax allowable 248 7
- VAT Reg.for sole trader with 2 S/E 119 2
- Clients 681 14
- Advice needed on my practice but not my clients 312 4
- Leaving the flat rate scheme 133 3
- Starting new accounting business 298 5
- Is a property owner charging a peppercorn rent to a limited company acceptable 462 10
- Sage Payroll 119 1
- SAGE 50 - Invoice Date 117 2
- QROP pension input amounts 499
- HMRC BENCHMARK EXPENSES 481
- write off loan or loan to equity swap or both 444
- EPS and CIS deductions 298
- Sole trade business in UK, but the owner works from EU 290
- Construction CIS LLP Company 283
- Stamp duty on house transfer between spouses 248
- Lets hear it for HMRC! 205
- SAGE winforecast 203
- LIVE: Budget aftermath webinar 186