OTS Review of VAT and Call for Evidence

Having completed the first phase of their review on the simplification of VAT, the Office of Tax Simplification (OTS) has published an interim report and call for evidence.  They have identified the following considerations:

  • High registration threshold @ £83,000 which is much higher than other countries that are generally closer to £20,000.
  • Multiple rates as a cause of complexity.
  • Partial exemption, option to tax and capital goods scheme are all complex.
  • Special accounting schemes such as flat rate VAT, retail, tour operators margin, and annual accounting scheme as a source of complexity.
  • VAT admin, penalty and appeals processes could be simplified.
  • Formal ruling system can delay or prevent many business decisions.
  • Making Tax Digital opportunities and risks.

OTS would welcome help in developing their ideas on how to create a sustainable VAT system for the future.


Published on: 07 March 2017 - By: FCSA

I'm an accountant myself but I must say I couldn't have done without the support of First Freelance. – Mugu S.

What I love is that they took the time to meet me in person. I certainly feel I can trust them. – Nadia D.

First Freelance have provided me with excellent support every step of the way. They genuinely care. – Bhargavi P.

The team are knowledgeable and their customer service is outstanding! – Chieme M.

I've worked with many accountants over the years. None have come close to First Freelance. – Daniel J.

They genuinely care about my business and personal finances. – Jennifer W.

First Freelance have provided me with an outstanding level of expertise. I highly recommend them! – Linda P.

I love having 24/7 visibility of my business finances. The 'live' business bank feed is an excellent feature. – Guido M.

What I love is that they took the time to meet me in person and explain everything clearly. – Olufunmilayo A.


Joining First Freelance couldn't be simpler, please provide some basic details and a member of the team will be in touch with you shortly!

Fill out this form to request a callback

You may want to consider:

There are additional factors you may wish to take into consideration. Simply fill in the
form below for a free personalised report tailored to your personal circumstances.

Sign up to our newsletter to receive important tax updates and news that is relevant to you.
We promise to never spam you!