Flat rate scheme

Grumpy_chap

polymaff said:

Have you a reference?  I am out-of-date, perhaps, but the regulations introduced at the time made it clear that couriers were required to follow the  “limited-cost trader” regime - albeit with the concession that they could include fuel as part of their "Relevant Goods" computation.

I understood that fuel was specifically excluded from "goods".  I cannot comment if there is a specific rule on this for couriers.

I suggest the OP employs an Accountant.

polymaff

Grumpy_chap said:

polymaff said:

Have you a reference?  I am out-of-date, perhaps, but the regulations introduced at the time made it clear that couriers were required to follow the  “limited-cost trader” regime - albeit with the concession that they could include fuel as part of their "Relevant Goods" computation.

I understood that fuel was specifically excluded from "goods".  I cannot comment if there is a specific rule on this for couriers.

For the purposes of this Part, “limited-cost trader” is a flat-rate trader whose expenditure on relevant goods in any prescribed accounting period, together with any VAT chargeable on that expenditure, is less than the specified amount, and—

(a)“relevant goods” are goods used or to be used by a flat-rate trader exclusively for the purposes of the trader’s business but excluding the following—

(i)vehicles, vehicle parts and fuel except where the category of business applicable to the flat-rate trader in the Table is, in that prescribed accounting period, “Transport or storage, including couriers, freight, removals and taxis” and the flat-rate trader owns or leases a vehicle for that business;

Grumpy_chap

Thanks @polymaff - that is an exception I was not aware of, but no reason that I'd need to be aware as I am not a courier etc.