Key things to know about UK VAT FRS filing
Key matters regarding UK VAT FRS declaration In the UK, value-added tax (VAT) declaration has always been a topic of great concern to sellers and related parties. There are two main ways to declare VAT: Standard Rate Reporting (STN) and Low Rate Simplified Scheme (FRS). Since 2017, the FRS tax rate has been adjusted and there are now two different tax rates, 7.5% and 16.5%. Eligibility requirements for FRS declaration To apply for FRS, a company first needs to register a VAT tax number in the UK, and its estimated…