VAT & FRS - Good plan, or naughty?
New client, c. £52k turnover would fall within 12% FRS Rate - the benefit of being the FRS would be a further £2.5k in his pocket courtesy of her maj. However, he is in a trade where a reasonable outlay on tools has been incurred over the preceeding 4 yr.
If I register him for VAT, calculate the first return on an invoice accounting basis and claim vat on all tools up to press and subsequently from quarter 2 apply for FRS registration to take advantage of the lower rate, am I having my cake and eating it?
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