We have a client who was a sole trader on FRS. HMRC last month de-registered him from FRS due to him reaching turnover threshold.
After doing his last year return, we were already in process of him registering a LTD company.
So my query is that will HMRC use his personal income from last year for FRS assessment of the new LTD company?
Will it be different if he transfers the existing VAT number or gets a new one.
As of now we are not fully sure that how much business will be affected due to the Virus situation.