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News - 10 September 2013

Reclaiming VAT stumps small traders

Stuart Coleman, Manager of the Tax Department of ABDS comments on VAT:
“More than one in three smaller businesses are missing out on significant cash savings by not claiming back VAT, quite often this is because they don’t understand the rules associated with the tax or even worse not knowing every item that VAT can be recouped on.

While business-owners often realise that everyday items for the office were tax deductible, such as stationery and printer ink, other purchases, such as petrol, were more likely to go under the radar. Thus Businesses that aren't claiming back the VAT they are entitled to are really putting themselves at a competitive disadvantage.

Despite being around for 40 years, the ever-changing nature of VAT has put many business owners off from digging into VAT and fully understanding what can be refunded.

According to the findings of a recent survey by SAGE, the complexities around reclaiming VAT sees 36% of owner-managers missing out on savings, while 52% think that such negligence costs them, and their business, hundreds of pounds each year.”

If you need any help and advice with VAT or other tax matters, contact Lavinia Newman Stuart Coleman or Tonmoy Kumar now to discuss how ABDS can help bring their experience to these matters.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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