Latest News |
|
|
|
|
| Industry News |
|
| News » Collective employment law » KPMG warns businesses to act fast to get VAT rebates |
|
28/08/2008
KPMG warns businesses to act fast to get VAT rebates |
|
Companies that fail to submit claims for VAT rebates could miss out on refunds worth up to several million pounds, KPMG has warned.
In January the House of Lords ruled that the 'three-year-cap' on back-dated rebate claims was invalid as it did not include "transitional arrangements" for those taxpayers who were making claims relating to periods prior to May 2007.
The professional services advisor however, has warned that although the deadline for making claims is not until March 2009, claims are taking "several months to complie and agree".
Commenting on the companies that could stand to gain from the change in the law, Stuart Hindle, indirect tax partner at KPMG in the UK, said: "Many companies whom we have spoken to about their eligibility to submit claims were previously completely unaware that the opportunity even existed – perhaps because 1997 is so far away.
"But if businesses don't act quickly, they run a risk of losing out as all claims must be submitted by the end of March next year."
According to Stephen Alambritis from the Federation of Small Businesses, there is currently up to £200 million of small business tax relief left unclaimed. |
| |
| Related Articles |
07/11/2008
DWP announces changes to help employers who offer pensions
The Department for Work and Pensions (DWP) has announced that it will be easing the "administrative and financial burdens" placed on employers who run pension schemes.
|
03/11/2008
Flexible working increases productivity EHRC reports
Flexible working is vital if businesses are to survive in today's economy.
|
31/10/2008
Workers 'not aware' of right to transfer benefits
Workers are not educated about their rights to take benefit packages with them when they leave an employer.
|
29/10/2008
Flexible working hours debate divides industry bodies
A proposed extension to flexible working hours for parents could be scrapped after ministers have revealed they plan to review regulations surrounding the area.
|
17/10/2008
New rules for foreign workers on short-term business visits
People wanting to work in the UK for six months or less will now have to apply for a dedicated business visa and give proof of their activities during their stay.
|
|
|
News Archive |
|
|
|
|
