Regulatory updates June 09

The main one this month is to do with the VAT Flat Rate scheme. The Flat Rate scheme allows you to pay VAT as a flat rate percentage of your turnover and saves time accounting for VAT on sales and purchases. From 1 April 2009, the eligibility rules have been simplified so that the only relevant factor is turnover.  If your turnover is below £150,000 then you can apply to use the scheme.  You only then have to cease using the scheme if your turnover goes above £225,000.

Simplifying the VAT Flat Rate Scheme
From 1 April 2009, only the turnover test will apply for eligibility to use the VAT Flat Rate scheme