Flat rate scheme (FRS) — deciding whether to join the scheme | Tax Guidance

Flat rate scheme (FRS) — deciding whether to join the scheme

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note sets out points to consider when deciding whether to join the flat rate scheme (FRS).

For an overview of the FRS more broadly, see the Flat rate scheme (FRS) - overview guidance note.

See also De Voil Indirect Tax Service V2.199B and V2.199C.

Advantages of joining the FRS

The table below sets out some of the key advantages of joining the flat rate scheme (FRS).

Advantage	Explanation
Administrative simplicity	It can be much simpler to complete a VAT return under the FRS. This can reduce the amount of time a small business has to spend on VAT administration. In particular, if the scheme is used together with the annual accounting scheme it can make a significant difference to the cost of complying with VAT requirements. However, modern software can make basic recording

Continue reading

To read the full Guidance note, register for a free trial of Tolley+™

TAKE A FREE TRIAL

Popular Articles

Value Added Tax

Exemption ― burial and cremation

Exemption ― burial and cremationThis guidance note provides an overview of the VAT treatment of services that are provided in connection with the burial or cremation of human remains.VAT treatmentThe following services are exempt from VAT:•the disposal of the remains of the dead•making arrangements

14 Jul 2020 11:38 | Produced by Tolley Read more

Corporation Tax

Corporate interest restriction ― administrative aspects

Corporate interest restriction ― administrative aspectsThe corporate interest restriction (CIR) regime has some specific administrative rules in addition to the general administrative requirements for corporation tax returns. This guidance note does not include commentary on provisions that are

14 Jul 2020 11:19 | Produced by Tolley Read more

Corporation Tax

Research and development (R&D) relief ― overview

Research and development (R&D) relief ― overviewThis guidance note provides an overview of the research and development (R&D) tax reliefs for companies.See the Research and development tax relief summary diagram which summarises the R&D tax relief.See also Simon’s Taxes D1.401.For a factsheet which

14 Jul 2020 12:22 | Produced by Tolley in association with Will Sweeney Read more

��Ƶ