Countdown to VAT refund deadline

The deadline for companies to submit VAT refund claims is drawing near as they seek to recover millions in VAT previously unclaimed.

Companies have until 31 March 2009 to submit VAT refund claims to HM Revenue & Customs. The period in which companies should be assessing records is prior to 1 May 1997 for input VAT not claimed and before 4 December 1996 for output VAT over-declared.

According to Mike Bailey, UK indirect tax leader at PricewaterhouseCoopers, the economic downturn will result in a large proportion of businesses submitting claims.

'In the current economic climate, when cash flow is stretched, every business should examine if they have reason to submit a claim. With less than two months to benefit from this one off opportunity, companies must act now,' he said.

Further Reading:

Drive to reclaim fleet support VAT

Car park VAT battle rages on