VAT Flat Rate Scheme guidance updated

HMRC have issued updated guidance on the operation of the VAT Flat Rate Scheme which allows taxpayers to calculate the VAT payable by applying a flat rate percentage to their VAT inclusive turnover, rather than netting off output and input VAT due on sales and purchases. The revision in the guidance follows a number of…

VAT Fraud – The Facts

With the UK Fraud Gap reaching its highest peak since 2007, we have decided to delve further into the murky world of VAT Fraud, to give you the facts for 2013. VAT Fraud is now so large, it is estimated that the gap is worth an additional 1%  to the basic rate of tax, to each…