By Max Clarke
Thousands of hard-pressed British business are set for a VAT refund bounty, according to accounting software specialists, Accountz, thanks to a mix up made by local authorities when charging for trade waste collection.
In some cases the mix up can be traced back as far as four years, and even beyond, with many of Britain’s small businesses completely unaware they are owed.
Organisations such as private care homes, GP’s and dental practices are the most likely to receive the projected refund of hundreds, if not thousands of pounds. And companies with a VAT threshold of below £70,000 are also owed VAT charged by local authorities to collect their business trash.
Quentin Pain, founder and chairman of Accountz commented: “Out of the 4.8 million registered businesses in the UK, only 2.1 million are VAT registered. This news from HM Revenue & Customs indicates that a large proportion of those non-VAT registered businesses are entitled to reclaim on VAT, however, through no fault of their own, will likely be unaware of this fact. For a lot of businesses particularly smaller enterprises, this reclaim will have a huge impact on their cash-flow in a positive way, let alone the annual turnover.”
Quentin continues “We want to make small sized businesses aware they are owed tax reimbursements and this will help entrepreneurs and companies lower their costs, thus helping the drive for entrepreneurial excellence within the UK.”