Important changes to the VAT Flat Rate Scheme came into effect from April 2017. HMRC have introduced a new flat rate of 16.5% which must be used by a “Limited Cost Trader” irrespective of their industry sector.
Are you self employed? If so, here is information of the taxes you need to pay including details on income tax, national insurance and class 2 and class 4 national insurance payments.
The Self Assessment is the tax return you must complete each year if you are self employed. It is made up of the main form (referred to as the SA100) and a number of supplements. The form SA103 is the Self Employment supplement to the self assessment.