Hi There
As of 1st April I fall under the definition of a limited cost trader. I have weighed my options and it is more beneficial for me to switch to standard VAT accounting. I haven't however given the HMRC written notification of my intention to do so, so my question is this:
Can I write to HMRC and declare my intention of leaving from 1st April, and therefore treat my bookkeeping as FRS until 31st March and standard VAT from 1st April onwards? Or do I have to treat myself as limited cost trader until I have notification from HMRC of the change in my VAT status.
My VAT return for Feb-April 2017 is due end of the month so info on how much VAT I should be paying from April on is much needed.
Any light?
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VAT Notice 733: Flat Rate Scheme for small businesses
12.1 When can I leave the scheme?
HMRC will agree to a date in the previous accounting period if you have not already submitted your return under the flat rate scheme.