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Claritax News

VAT Notice 733 (flat rate scheme for small businesses) updated re Making Tax Digital

17 Nov 2022

HMRC’s notice 733  is headed “Find out how to use the Flat Rate Scheme, who can use it and how to apply to join the scheme”. 

The guidance has been updated to remind taxpayers that they “must keep digital records and submit returns using software that works with Making Tax Digital for VAT”.

The HMRC guidance is arranged under the following headings:

1. Introduction

2. Basics of the Flat Rate Scheme

3. Eligibility and conditions of the scheme

4. Determining your flat rate percentage

5. Applying for the scheme

6. Determining your flat rate turnover

6.2 What to include in your flat rate turnover

7. Keeping records and filling in your VAT return

8. The basic turnover method

9. The cash based turnover method

10. The retailer’s turnover method

11. Changes to your business

12. Leaving the scheme

13. Barristers

14. Bad debt relief

15. Capital expenditure goods

16. Appeals

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How HMRC uses your information

https://www.gov.uk/guidance/flat-rate-scheme-for-small-businesses-vat-notice-733–2

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