What you need to know about the VAT Flat Rate Scheme – “FRS”

The amount of VAT a business pays or claims backs from HM Revenue and Customs (HMRC) is usually the difference between VAT charged by the business to customers and the VAT the business pays on their own purchases.

The amount of VAT a business pays or claims backs from HM Revenue and Customs (HMRC) is usually the difference between VAT charged by the business to customers and the VAT the business pays on their own purchases. Less