Harris & Co Accountants Northampton Can Minimise Problems With HMRC
The number of VAT refund investigations carried out by HMRC has increased by 44% over the last 12 months. The HMRC has now (2012 to 2013 tax year) selected 584 refund claims for its extended verification process as opposed to 405 claims in 2011 to 2012. This is the first rise in referrals in the past five years and HMRC delays more VAT refunds than ever in order to investigate for potential fraud.
Sadly, legitimate companies will be hit hard and losing out as VAT refunds are fairly large and can hit a business’s bottom line. VAT regime is highly complex and can cause businesses to overpay and underpay tax if they are not properly equipped. VAT authorities can investigate businesses for VAT fraud and if any fraudulent activity is found, the consequences might be recovery of the underpaid VAT in addition to penalties and interest. If criminal activities are involved then the accused can face fines, prison sentences, and seizure of assets. If you are struggling to manage your VAT, then Harris & Co Accountants Northampton can help.
VAT Management Services From Harris & Co Accountants Northampton
While VAT planning and management is often overlooked by businesses, when managed properly, it can improve cash flow and profitability and help with saving substantial sums of money. Harris & Co Accountants Northampton will provide expert advice in all areas of VAT. The ever widening scope and complexity of VAT, constant changes to regulations and ever growing demands from HMRC calls for experts like us to ensure that you don’t fall foul of the regulations and you don’t pay more than you need to. Our accountants will assist you with VAT registration, advise you on VAT planning and administration, VAT control and reconciliation, and help with completing VAT returns.
If you are interested in our services contact Harris & Co Accountants Northampton at 01604 660661, email@example.com