The British Chambers of Commerce
(BCC) and HM Revenue and Customs have joined forces and embarked on a six-month-long campaign that aims to raise awareness regarding VAT simplification schemes. This as new research has revealed that a majority of companies are not aware of the various ways to make VAT payments easier.

This new project has been launched in the midst of a study made by the BCC that showed that over a third of small companies do not know about the Revenue & Customs-approved VAT Schemes that directly apply to their establishments.

According to David Frost, director-general of the BCC, “Small firms in particular can find it difficult to calculate what taxes are due and when they must be paid. The various VAT simplification schemes on offer could help to make life a little easier for smaller firms. This campaign aims to raise awareness so that employers can decide whether there is a scheme out there that would benefit their business.”

Business solutions and Company formation experts have reminded firms that they should be aware of the various VAT options that are available to their businesses. This will give their companies the means to take advantage of certain flexibilities in the tax system that could be a means to further expand their businesses.
According to the BCC study, eight out of ten small businesses have admitted that they did not know that they had the ability to use a combination of VAT schemes to deliver the most appropriate options to their businesses.

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