East Renfrewshire Chamber of Commerce (ERCC) is hosting an event later this month to advise businesses on the flat rate VAT changes.
Following the autumn budget, HMRC has announced it will be changing the rules for ‘limited cost traders’ who use the VAT flat rate scheme.
HMRC has felt the need to make changes following ‘abuse’ of the scheme by a number of traders.
The flat rate scheme for small businesses was introduced to reduce the administrative burden imposed when operating VAT.Under the scheme a set percentage is applied to the turnover of the business as a one-off calculation instead of having to identify and record the VAT on each sale and purchase you make.
During the session ERCC will consider what is the VAT flat rate scheme; who can use it and why would they choose to do so; what changes were made on April 1; what is a ‘limited cost trader’ and what do taxpayers who are using the scheme need to do?
The event will be delivered by O’Haras Chartered Accountants and a light buffet lunch will be served from 12-12.30pm to allow delegates to network with each other before the presentations start at 12.30pm.
The event takes place at Redhurst Hotel, Eastwoodmains Road, Giffnock on Wednesday, April 26.
○For full details including how to book your place, visit www.eastrenchamber.org.uk.