Leeds based accountancy firm Harvey Edwards LLP has created a new service offering businesses an opportunity to claim back VAT from the HMRC.
Marlon Appleton, a partner and VAT specialist in the firm commented that: “we know cash is tight in the current economic environment and realised from our experience that many businesses were inadvertently overpaying VAT”. This comes from potentially years of small human errors, with employees not fully understanding what is required by legislation and employers not having the resources to identify every error made in processing transactions.
FileDoc Ltd, a newly established supplier of multifunctional photocopiers, printers and related consumables is the latest beneficiary of this service that has led to improving cash flow to the start-up business.
Godfrey Gabriel Managing Director of FileDoc Ltd said “the professional service that I experienced with Harvey Edwards did not just help to improve my immediate finances and recover 75% of my VAT liability from just a few invoice;, but also allowed me to put in measures to prevent it from happening again”.
For the 2011-12 tax year HMRC collected £99.6 Billion in VAT. Some of that belongs to you. We therefore encourage businesses to actively seek help in order to recover valued cash that they are due and need.
Research has shown that companies on average under recover VAT by 30% resulting in net outflow of cash.