Morning all. Just taken on a client who is a mobile mechanic. Looks like he's approaching the VAT threshold, although until I get full data won't really know. Am wondering whether it's worth considering the flat rate scheme for him - not used it before, so hoping someone could share some pearls of wisdom......
Also, slight concern that he may have already exceeded the threshold - what happens if he has???
The Flat Rate VAT is changing from 1st April, please lookup the changes and check the impact of these before you/client decide.
The new applicable rate may be 16.5% which may not be quite as favourable, and will depend on the amount of VATable expenses.