VAT is one of the most complex and baffling schemes imposed on businesses by government. Many businesses inadvertently overpay – bad news because it can be difficult or impossible to get the money back – or underpay – also bad news because of the fines that HMRC may impose, and the complex adjustment that need to be made in subsequent returns.
And it is getting more complicated. HMRC introduced the flat rate scheme, and recently (April 2017) they have completely revised it. It is therefore more important than ever to have a professional review of your VAT registration (to make sure you are registered in the most advantageous way) and of your returns to avoid either overpayment or avoidable penalties and increased administration.
Oaktree can provide the right level of VAT advice and support for your specific needs, from discussing which scheme is best for you, through day-to-day record-keeping and administration, to the quarterly filing of returns and making of payments.