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The VAT Flat Rate Scheme (FRS) is a simplified way of calculating VAT for small businesses. It was introduced by HMRC to make VAT calculations quicker and easier for businesses with a turnover of less than £150,000. Under the FRS, businesses pay a fixed percentage of...
If you're the proud owner of a small business, then you already know that paying taxes can be one of the most complicated aspects of keeping your operations afloat. This is why the government has introduced the flat rate VAT. With this, company owners can...