Whether you've reached the turnover threshold (currently £85,000 in any 12-month period) or want to register voluntarily for VAT, you've possibly heard of the Flat Rate Scheme and may be wondering whether it's the right scheme for your business.
This is a question that crops up regularly in networking groups, and although it's not a legal requirement to have one (even for a limited company) my answer will always be, "You might not legally need one, but you should definitely want one".
It's been three years since it was first announced, and next April the first phase of businesses will be starting to use the new Making Tax Digital scheme for their tax reporting to HMRC.
Do you know whether your business will be one of the first to use the scheme...
In case you weren't already aware, the minimum hourly rate for the National Living Wage is increasing from April 1st 2018. Also going up at the start of the new tax year are the minimum contributions for workplace pensions.