|
|
09 Apr 2009
Tax advisers have warned that businesses should beware that VAT rebates made in connection with the high profile Fleming and Conde Nast court rulings will face tax on the interest that comes with the refund.
The deadlines for claims was 31 March with most firms experiencing a rush from clients wanting to file claims.
Michael Ashdown, VAT director at BDO Stoy Hayward, said he expected
businesses to be caught offguard when the repayments are issued as many will
assume it
is a VAT refund.
‘It will catch people by surprise… people think these repayments aren’t liable to tax,’ he said.
The refunds will be issued to businesses seeking to recover money for input VAT not claimed in the period prior to 1 May 1997 and for output VAT over-declared in the period before 4 December 1996.
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment