Taxman to take VAT Flat Rate Scheme questions
Freelancers still unsure about last year’s update to the Flat Rate VAT Scheme will this morning get their queries solved by the taxman.
Scheduled for 10 o’clock today, a live webinar from HMRC will explain how the ‘FRS’ operates and how it can making the task of accounting for VAT easier.
Due to run again on Wednesday April 18th, the webinar will also cover how freelancers and sole traders should go about filling in their VAT return and keeping VAT records.
This thorny subject of completing a VAT return will get its own dedicated webinar as well, this Thursday (March 22nd), indicating that the FRS webinar will only touch upon it.
It means that this morning’s webinar (and the one on the 18th) will focus more on what VAT-registered freelancers often ask about – what a ‘limited cost’ business or trader is, since it was introduced in April 2017.
If a certain issue about the FRS update does not get covered, HMRC says a text box will let participants pose their individual questions, but all newcomers to HMRC webinars are invited to read a guide before logging on.