To make it both simpler and quicker to calculate and complete their VAT return, the VAT Flat Rate Scheme (FRS) was released in 2017. The VAT Flat Rate Scheme makes finishing a VAT return quicker and simpler because the VAT is calculated as a fixed percentage of their gross turnover of the company, as opposed to calculating the VAT due on purchases that are individual. This obviously reduces the amount of calculations and paperwork which will need to be done.
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Consumers and businesses are charged with various forms of taxation and it is Important to understand what we are being taxed for. Value Added Tax (VAT) is a kind of consumption tax which is levied on different kinds of goods and services provided to consumers.