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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

Other Resources:
We have 214 other meanings of FRS in our Acronym Attic

Samples in periodicals archive:

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.
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.