News Archive for: Flat Rate Scheme (FRS)

Up-to-date tax news and articles that explore your tax efficiency.

VAT Flat Rate Scheme – Buying assets over £2k to claim back the VAT

The vast majority of freelance contractors in the UK are registered for the VAT Flat Rate Scheme (FRS). This allows them to keep a percentage of the VAT that they have to charge to their clients which gives them an extra income stream without having to do any additional work. On average the extra income ranges between £3,000 to £4,000 per year. However the cost of using the VAT FRS over the Standard Scheme is that you are not allowed to claim any VAT back on your expenses like you can with the...

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