TaxCorporate TaxHomestyle shocked by tax bill

Homestyle shocked by tax bill

Homestyle, the UK furniture retailer, was left reeling yesterday after it learned that it may have to pay an extra £23m in sales taxes.

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Customs and Excise has called into question the amount it paid on product guarantees sold between December 1999 and April 2001.

Homestyle has been paying just 5% on the portion of customers bills that it claims covers the guarantee, but Customs officials argue it is due the full rate of VAT at 17.5%.

The chief executive of Homestyle, Michael Rosenblatt said he would challenge the demand.

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