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I had a meeting with my business associate and now I know the full picture, it works for people like sales guys for instance that have been working for only 3 or 4 companies in the last few years. One of the guys that got registered for the flat rate scheme ended up with £6,000 paid back to him...
I have not called them as it takes forever to actually speak to anyone in my experience. I am having a meeting with my associate tomorrow, so hopefully I will know the full picture then.
25 Grand would be nice, If I get any more info straight from the source I will let you know. I would certainly do it myself as would many others I would suspect.
He told me that HMRC are trying to entice people to sign up for 10% flat rate VAT. They apparently give you 40% of the VAT you would have paid if you was registered. Back dated for 4 years. Just sounds too good to be true to me,
One of my business associates told me yesterday that it is possible to get a pay back from HMRC if you are registered as self employed and not VAT registered yet. Does anyone know if this is true?