Partial Exemption Review - saving of £61,000
The client
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.
Our advice
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.
Are you entitled to a VAT refund?
If there is a chance you may have been incorrectly attributing costs in your business, you could be entitled to a VAT refund from HMRC. To find out more call our helpline on 0161 477 6600, or fill our our online enquiry form and our team can advise on the best step forward.