Flat rate scheme (FRS) ― eligibility, joining and leaving the scheme

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note sets out the eligibility conditions that must be met for a person to join and stay in the flat rate scheme (FRS). It also covers the process for joining and leaving the FRS.

For an overview of the FRS more broadly, see the Flat rate scheme (FRS) ― overview guidance note.

See also De Voil Indirect Tax Service V2.199B.

Eligibility to join the FRS

To be eligible to join the flat rate scheme (FRS), a trader must meet certain conditions. The conditions can conveniently be divided into the following categories:

•
level of turnover
•
offences / penalties
•
group / divisional registration and associated persons
•
use of other VAT schemes
•
other exclusions

VATA 1994,

Access this article and thousands of others like it
free for 7 days with a trial of TolleyGuidance.

TAKE A FREE TRIAL

Popular Articles

Trusts and Inheritance Tax

Winding up a trust ― legal, administrative and compliance issues

Winding up a trust ― legal, administrative and compliance issuesOverviewWhen winding up a trust, there are legal formalities and compliance issues that need to be dealt with, as well as IHT and CGT consequences that flow from the termination. This guidance note considers when and how a trust comes

14 Jul 2020 14:01 | Produced by Tolley Read more

Personal Tax

Self assessment ― amendments and corrections

Self assessment ― amendments and correctionsOnce a self assessment tax return has been filed, both HMRC and the taxpayer (or the agent) has the right to make changes to the return. There are different time limits depending on whether it is a correction by HMRC or an amendment made by the

14 Jul 2020 13:37 | Produced by Tolley Read more

Trusts and Inheritance Tax

Gifts with reservation ― overview

Gifts with reservation ― overviewIntroductionA gift with reservation (GWR) arises when an individual ostensibly makes a gift of his property to another person but retains for himself some or all of the benefit of owning the property. The legislation defines a gift with reservation with reference to

14 Jul 2020 11:48 | Produced by Tolley Read more

��Ӱ��