The VAT gap is the difference between the amount of VAT actually collected and the amount the HMRC expected to achieve.
The gap is getter smaller – because HMRC is working relentlessly hard to tackle non-compliance around VAT. The gap fell from 12.5% during 2005/2006 to just 8.9% last year. This is achieved via investigations, enquiries and inspections. No matter how squeaky clean your business is, tax inspections are not pleasant. The good news is, help is at hand!
The friendly team at Re:Accounts can help you every step of the way throughout any dealings with HMRC. Plus, we offer a Tax Investigation Service for our clients which means that you won’t incur any additional accountancy fees should HMRC investigate you and/or your business. This is available to all our clients and offers fantastic peace of mind.
There’s no need to dread the brown envelope! Call us on 01438 218843 for a no-obligation chat.