Our client came to the Bedrock team due to an HMRC enquiry which had resulted in a VAT assessment arising from the incorrect Flat Rate Scheme percentage being applied. The VAT flat rate varies for different types of businesses and industries, so by coming to Bedrock the client were able to verify the assessment.
How did Bedrock help?
Bedrock reviewed the case and spoke to the client to understand their business and their operations. Bedrock investigated the original assessment by HRMC which brought a VAT assessment to approximately £11,000. Our team who specialise in VAT for business were able to reduce the VAT down to £5,657 by presenting a successful case for a lower Flat Rate trade classification which was accurate for their type of business.
Business Impact and Benefits
Bedrock were able to successfully argue that penalties and interest were not appropriate in this case. By seeking help from the team at Bedrock, our client were able to receive the correct VAT flat rate as the classification depends on your business type. Make sure that your business is receiving the right VAT flat rate, talk to the Bedrock team today.