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VAT flat rate scheme

switching to standard VAT from Flat rate and claiming overpayments back

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Hello. Hopefully someone can help with my VAT question. I have been registered on the VAT flat rate scheme for 6 years, to start with it worked ok for me. However as the balance of materials bought in and labour has changed the scheme no longer works and I am overpaying VAT by a long way. I am switching to the standard VAT scheme but would like to know if there is any way I can reclaim the overpaid VAT for any of the period that I have overpaid on the FRS?


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By Matrix
17th Jan 2019 18:19

No since you have not overpaid, I assume you have just paid the correct amount for the scheme you chose.

Thanks (1)
17th Jan 2019 18:21

No - you can't go back.

It's why I always recommend that clients keep input tax records so that they know whether it's still a good deal.

Nobody cares until they realise it's been costing them money, unfortunately.

Thanks (1)
By Hhw
17th Jan 2019 18:32

Hi, ok thank you very much for your replies..looks like that was a costly mistake!

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to Hhw
18th Jan 2019 11:28

If only you'd had an accountant advising you.

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