I am after some advice on which sector I should be in with the flat rate scheme. I cant find any info or anyone else similar, which I find quite hard to believe as so many small bushiness make and sell their wares!
We make our own products (skincare, cosmetics) and then sell them via retail and wholesale. Our main turnover is from retail sales (67%). We have been on the flat rate scheme for a few years under "Manufacturing not listed elsewhere" at 9.5%. TBH I was led by my accountant and didn't think to look at the other categories. Am due to file vat return at the end of the month, and had a look through categories and found one "Retailing pharmaceutical, medicine, cosmetics and toiletries" at 8%, which is also what we do. Given that the retail side of our business generates the highest turnover, surely we could fit under this category rather than manufacturing? Would HMRC see this as a suitable category, but also question why we didn't go onto that one in the first place? If i change my category now on this tax return it would save me around 2.5k!