Topic: Flat rate scheme
I have been registered as Vat business for last 2.5 years. And every quarter my vat re-claimed is next to nothing as compared to what I pay to HMRC.
up until now, I foolishly didn't know about existence if FRS.
So I have few questions
Am I eligible to apply, am well below threshold of £150K.
Can I reclaim my FRS for the returns already submitted to HMRC for last 2.5 years ?