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Flat rate VAT change

Posted Tue, 16 Jan 2024 10:06:02 GMT by
My accountant has advised i need to switch from the 12% rate to 16.5% (limited cost trader). I phoned HMRC and they said this needed to be done online. I cannot see a way to do this thru 'Manage account'. Please can you advise on how to inform HMRC to make this change, thanks
HMRC Admin 21 Response
Posted Wed, 17 Jan 2024 10:34:14 GMT by HMRC Admin 21 Response
Hi Matt,
Hi.You don't have to inform us that you will be using the limited cost trader sector.
Your default sector and 12% will remain the same but if you have to use the 16.5% on a particular period then you calculate it on that basis but you don't need to inform us.
Please see the guidance below:
4. Determining your flat rate percentage
tHANK YOU.
Posted Thu, 18 Jan 2024 10:04:22 GMT by
Perfect, thanks.

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