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1% discount for limited cost trader FRS?

Late VAT registration, limited cost trader

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Good afternoon,

Client didn't realise he exceeded the VAT threshold at the end of Nov 17 as he didn't include recharged expenses in his turnover. Would he be able to register late for the Flat rate scheme and benefit from the 1% discount? He is likely to fall under the limited cost trader flat rate but at 15.5% it would be marginally beneficial to him.

Thanks in advance for your help.

Replies (6)

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RLI
By lionofludesch
06th Apr 2018 21:16

Yes, no problem.

What will he do when the discount ends ?

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Replying to lionofludesch:
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By Chipette
06th Apr 2018 21:42

Thanks Lion
I thought I had read somewhere that you couldn't back date joining the FRS so thanks for that.
He thinks he may have a full time employment contract by the end of the year so he will deregister at this stage.

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By Matrix
06th Apr 2018 23:12

Will he be registering for the FRS at the same time as registering for VAT?

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Replying to Matrix:
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By Chipette
07th Apr 2018 10:25

Thanks for your reply, and yes, it would be a first registration to FRS VAT from 1st January.

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Replying to Chipette:
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By Matrix
07th Apr 2018 12:04

It doesn't look like he is backdating the application then.

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Replying to Matrix:
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By Chipette
07th Apr 2018 12:14

Thanks Matrix.

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