Neil Warren has been to see HMRC about issues with the flat rate scheme, along with colleague Mike Thexton. Some members will have caught his detailed study in an article in Taxation magazine dated 12 March 2009. Here, Neil provides a summary of one key issue for AccountingWEB.co.uk members.
A number of weeks ago, I wrote a feature for Accounting Web about important points to consider in relation to the flat rate scheme (FRS). There were a number of concerns raised by readers about how to deal with specific sources of income earned outside of the main trading sales of a business. In this feature, I want to alert practitioners to a potential pitfall in relation to buy to let income. I will explain with a practical...
About Neil Warren
Neil Warren is an independent VAT consultant and author who worked for Customs and Excise for 14 years until 1997.