They’re not mutually exclusive. You can operate the FRS on a cash basis or an accrual basis.
Posted under VAT
Posted by Alec at 6:07 pm, March 13, 2008
VAT – FRS or Cash Accounting?
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Previous Post: Employed or Self EmployedDrivers
I didn’t mention it at the time but I noticed a couple of people contributing to one of the fuel price moan threads that I know aren’t VAT registered. WHY?
YOU WILL SAVE 14.89% ON ALL YOUR COSTS (EXCEPT INSURANCE) JUST BY REGISTERING FOR VAT.
Or if you want less paperwork register under the Flat Rate Scheme and add a minimum of 6.92% of your turnover onto your bottom line profit.