From April 2017, there will be a new standard Flat Rate VAT percentage (16.5%) applied to all businesses who fit into the HMRC classification of a Limited Cost Company. Please click here for an overview.
Many freelance contractors will be impacted by this new rule and will see their current Flat Rate VAT benefits disappear.
To help you to understand how you may be affected, Champion have designed this calculator to illustrate financial differences:
View results below:
Projected Flat Rate VAT benefit 2016/17 = £
Projected Flat Rate VAT benefit 2017/18 = £
Flat Rate VAT benefit lost in 2017/18 = £