Flat rate scheme warning – VAT on the sale of assets by Neil Warren
Neil has followed up on his article last week on problems with the VAT Flat Rate Scheme with a study on the impact of the scheme on those selling assets, including premises and business cars.
My previous Accounting Web article on the potential problems of the flat rate scheme (FRS) considered buy-to-let income. This article moves things on a stage further and looks at the situation when the asset that has produced that source of income (flat, house, bungalow etc) is sold.
Continued...
The full article is available to registered AccountingWEB members only. To read the rest of this article you’ll need to login or register.
Registration is FREE and allows you to view all content, ask questions, comment and much more.
Or if you are already registered, login here
think ahead?
Doesn’t this article just demonstrate the need to use limited cos. to sanitize assets into discrete zones ?
being self-employed is really dangerous in the modern business environment.