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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...
The UK left the European Union on 31st January 2020. After this exit, business continued as usual during this transition period until 1st January 2021 when new rules and regulations were put in place. Once these changes were put into effect, businesses had to make...
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...