are still issued and received as normal. It is
just the VAT accounting which is simplified.
FRS is available to businesses that expect their
VAT exclusive taxable turnover (excluding
expected sales of capital assets) in the next
12 months to be no more than £150,000.
As the fixed percentage applies to all
income, the largest advantage is to eligible
businesses making only standard rated
supplies. Although the fixed rate is designed
to allow for typical zero-rated and exempt
suppli