HMRC have now updated their Flat Rate Scheme VAT notice to provide businesses that may be affected by “Low Cost Trader” provisions, some further information.

Section 4: Determining your flat rate percentage has been updated with the introduction of paragraphs 4.4, 4.5 and 4.6, which provide information on determining whether or not you are a low cost trader, how to treat VAT returns spanning the 1^st April when the changes are made, as well as examples of relevant goods (and supplies that are not).

The full notice can be found here