These include a flat rate scheme where you only pay VAT on a flat percentage of your turnover (but you can't reclaim VAT on your purchases); retail schemes that allow VAT to be claimed on purchases linked to making VATable supplies while only accounting for VAT on sales on the basis of cash received; and cash accounting which means that you only pay (or reclaim) VAT on monies actually paid rather than due--great for cashflow and instant relief on VAT should you get a bad debt.
What does FRS stand for?
FRS stands for Flat Rate Scheme (UK)
This definition appears frequently and is found in the following Acronym Finder categories:
- Military and Government
- Business, finance, etc.
See other definitions of FRS
We have 214 other meanings of FRS in our Acronym Attic
- Financial Reporting System
- Financial Risk Solutions (various locations)
- Fire and Rescue Service
- Fire Research Station (UK)
- Firefighters' Retirement System
- First Repository States
- First Responder Service (LeadsOnline)
- First return stroke
- Fisher-Rosemount Systems (various locations)
- Fisheries Research Services (Aberdeen, Scotland)
Samples in periodicals archive:
HM Revenue and Customs has issued new rates for businesses using the flat rate scheme which will need to be applied from January 4, 2011.
Under the flat rate scheme a business calculates its VAT liability as a fixed percentage of its turnover.
In contrast, owners of non-business assets, such as buy-to-let homes, which must be kept for 10 years before they are subject to 24% tax, will gain under the new 18% flat rate scheme.
The new range of geographic numbers covers more than 190 UK dialling codes and they will be leased on a flat rate scheme with pricing set at GBP2 per month.
ABOUT 75,000 small firms with an annual taxable turnover of up to pounds 150,000 can now benefit by signing up to the VAT Flat Rate Scheme after changes in the Chancellor's pre-budget report.
Improvements were announced to the VAT flat rate scheme, including new lower rates and easier administration to make it more attractive to the 672,000 eligible businesses.
A YOUR VAT exclusive taxable turnover is under pounds100,000 per annum so you are now eligible to join the new Flat Rate Scheme (FRS).