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You must have heard and/or read about the changes to the VAT flat rate scheme (FRS) effective 01 April 2017. To summarise, if your cost of sales is less than either 2% of your sales OR £1000 per year, your flat rate will be 16.5%. I won’t go into why this new directive was implemented but suffice it to say … Continue reading
For the year 2017/2018, ie, the period from April 6 2017 to April 5 2018, if your income is £1000 or less from a trade or from letting property, there will be no tax to pay. If your income from either of the above is over £1000 and actual expenses is below £1000 or unknown because you can’t … Continue reading
Phoenix Debola 