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28/08/2008
KPMG warns businesses to act fast to get VAT rebates |
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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. |
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