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VAT Q's & A's

Ali Hai of Deloitte & Touche answers some VAT questions recently sent into The Tax Journal and Indirect Online. If readers have any further questions please address them to
1. I have seen a lot of publicity concerning Customs & Excise's VAT flat rate scheme. I believe it may be advantageous for my business. Who does it apply to how does it work and what is the aim of the scheme?
The VAT flat rate scheme came into force on 25 April 2002 as announced in the 2002 Budget. It forms part of the Government's initiative to reduce the administrative burden for small businesses caused from the collection of tax.
The scheme generally applies to all small businesses. The definition of a small...

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