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Posted Wed, 24 Jan 2024 20:18:13 GMT by
Hi We registered with Flat Rate Scheme 1st Sept 2015. In Dec 2022 we received exceptional one off payment and as a result we exceeded the £230k cap for Flat Rate Scheme by £3,000. We were allowed to stay in the scheme as long as our turnover didn't exceed £191,000 in the following 12 month period. I wrote to HMRC in Nov 2023 to clarify whether the cap will revert to £230,000 and if so, when. We haven't yet had a response so grateful for any advice you might have. Thank you
Posted Fri, 26 Jan 2024 11:12:04 GMT by HMRC Admin 20 Response
Hi Charlie76 81,
After the 12 months had passed then the following conditions would apply for having to leave the Scheme going forward.
Flat Rate Scheme for small businesses (VAT Notice 733) 12. Leaving the scheme.
Thank you.

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