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Tax Tip

Record amount of VAT collected from small firms

HMRC collected a record £3.9 billion in additional VAT following compliance investigations into small firms in the year ending March 2014.

This is compared to £3.6 billion in 2013.

HMRC has become increasingly 'aggressive' in challenging the VAT arrangements of small firms, with longstanding VAT arrangements being questioned and 'unrealistic burdens' being imposed.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“There is also a problem that some SMEs cannot afford to challenge HMRC's demands for extra VAT in court, and when they do the law is "heavily weighted in HMRC's favour, and that are finding themselves facing investigation over VAT arrangements that have long been accepted by the tax authority.”

The level of service and accuracy of decisions that companies receive from HMRC can vary quite widely, and there is concern that many of them struggle to get a fair and cost-effective outcome from investigations because of that.


If you need any help and advice for your business on Tax, VAT or the implications of the HMRC Taskforces, contact Lavinia Newman, Stuart Coleman or Liz Kennett to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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