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Posts from April 2016

The VAT Flat Rate Scheme (FRS) allows small businesses with a turnover up to £150,000 to calculate the amount of VAT they pay back to HMRC as a fixed percentage between 5% and 14.5%, instead of the standard 20%. The amount payable is calculated based on the type of business you have. 
Contractors in the UK may have heard recent rumblings of new legislation placing restrictions on claiming tax relief on travel and subsistence. The dreaded “IR35” will take effect from this month (April 2016), but what do the changes mean for you? 
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