Entertainment VAT worth millions to be reclaimed
Exporters could be reimbursed millions of pounds of VAT from corporate entertainment
The Treasury could be liable to refund hundreds of millions of pounds in VAT
to taxpayers that have spent money entertaining foreign clients.
Businesses in line to receive the reimbursement include exporters in areas of
defence and drugs manufacturing, according to
telegraph.co.uk
The prospect of a refund follows an EU VAT ruling which covers the taxpayers
and the money spent on corporate entertainment over the past 12 years.
The ruling is set to cause a wave of companies seeking to lodge claims for
backdated VAT paid.
Marc Welby, senior tax partner at BDO Stoy Hayward, said he is currently
submitting claims on behalf of clients.
‘It is a simple exercise and the company only needs to demonstrate what it
spent in VAT recently,’ he said.
Further Reading:
Countdown
to VAT refund deadline