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.
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...
This question came up a couple of days ago in an online networking group, and I've been asked the same thing a few times by bookkeeping clients when they've become VAT-registered. So I thought it might be useful to address it here.