FRS and LCT
FRS and LCT Knowledge Quiz
Test your understanding of the Flat Rate Scheme (FRS) and the Limited Cost Trader (LCT) in the UK VAT system. This quiz is designed to help you learn more about these important topics while assessing your current knowledge.
- 6 engaging questions
- Covers key VAT concepts and definitions
- Helpful for anyone interested in business and tax matters
With this Scheme you pay a fixed rate of of HMRC, You keep the difference between what you charged your customers and pay the difference and pay to HMRC.
Limited Cost trader
Flat rate scheme
Value Added tax
What is defined as one that spends less than 2% of the value of its sales on goods (not services) over the period you submit a VAT return.
Value Added Tax
Employment allowance
Limited Cost trader
Why should we Register for VAT? (2 answers)
You can register for a reduced Flat Rate of VAT to reduce the administration involved in preparing your quarterly VAT return (Flat Rate scheme)
It may make your business more credible in the eyes of your clients, in the same way that having a limited company makes you appear more ‘professional’.
It will give us more profit.
It will be a big help to gain more customers.
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