Partial Exemption Review - saving of £61,000
After reviewing the VAT affairs of a client linked to one of our accountancy partners, we found that they had been making errors on cost attribution between VATable and exempt parts of the business.
As well as providing guidance and advice on how the business should effectively attribute costs between VATable activities, exempt activities and residual (i.e. non-attributable exclusively to either), we assisted in recasting four years of VAT returns. This secured a refund of £61,000 from HMRC.
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