Adjustments if you leave the VAT Flat Rate Scheme
02 Nov, 2017
Any business that has been adversely affected by the new 'limited cost trader' test that was introduced on 1 April 2017, should consider whether it will be more beneficial to leave the VAT Flat Rate Scheme (FRS) and revert to using traditional VAT accounting.
Businesses can leave the FRS at any time by notifying HMRC. To save any additional complications, this is usually done at the end of their next VAT accounting period but can be done at any time.
Businesses must also leave the scheme: