Interest boost to VAT reclaims
RSPCA and Totel Ltd challenge government over VAT repayments
RSPCA and Totel Ltd challenge government over VAT repayments
The government could be forced to pay out tens of millions of pounds to
taxpayers reclaiming disputed VAT repayments, following a landmark challenge by
the RSPCA and Totel Ltd.
The decision could particularly affect those whose repayments have been held
up following carousel fraud chain concerns.
Following the decision taxpayers who are owed VAT repayments and have gone
through a tribunal will be entitled to an interest rate at least 2% higher than
previously.
Both claimants were challenging HM Revenue & Customs’ stance that the
rate of interest paid on VAT repayments won after a tribunal should be the same
as when VAT is overpaid due to an HMRC error.
The High Court ruled that the rate after a tribunal should be at least 1%
higher than the base rate rather than 1% below, the administrative error rate.
Claimants linked to the Bond House action, the test case on disputed VAT
reclaims associated with carousel fraud chains, could claim back tens of
millions extra in interest as a result.
The numbers you crunch tell a story. Your expertis...
17yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleAs we get closer to the Budget and there is talk of public spending reduction to fund his proposals, we think a cut by the Chancellor to the headline ...
View articleTechnology industry leaders are pressing the government for substantial investment to prepare the next generation with essential digital and AI skills...
View articleUK Chancellor Jeremy Hunt has hinted at the possibility of further tax cuts in the upcoming spring Budget, during his time at the World Economic Forum...
View articleEffective corporate reporting on sustainability will prevent greenwashing issues and deliver more data for better implementation of climate policies R...
View articleCGT receipts have increased by over 100% in the past five years and reached a record level of £18bn in the last year alone, and a further 18% increase...
View articleThe Office for National Statistics reported that inflation in the UK dropped to 7.9% in June Read More...
View articleAccording to the senior Conservative, the Tory party must have one eye on the next general election in deciding the future of the off-payroll working ...
View article23% of business owners having hastened their plans to either sell or wind down their businesses Read More...
View article