Pictured above: Jason Croke
UK businesses could recover an estimated £100m in EU tax
refunds - but are failing to do so because they believe the process
is complex and bureaucratic, according to one of the West Midlands'
leading VAT experts, Jason Croke of Haines Watts chartered
accountants.
Businesses that carry out any operations or activities in the EU
should find out if they could be one of 40,000 companies each year
eligible to receive a VAT refund.
The window for claiming has been extended to 31st March 2011
giving companies more time to submit their claims.
The process has also been simplified, with applications being
accepted in English since January this year.
Jason Croke, regional VAT consultant at the Birmingham office of
chartered accountants Haines Watts, said businesses could claim VAT
back from a number of transactions, including attending conferences
abroad, working abroad, or visiting an EU-based parent company.
"The average claim we see is around £5,000 - not a small
amount. HMRC estimates that 40,000 companies each year are eligible
for EU tax refunds, so there is potentially more than £100m
to be reclaimed.
"With the extension of the application period, and modifications
made to the process, businesses really should take advantage of
this opportunity to claim back considerable amounts of money," he
said.
Businesses that have incurred EU VAT on their activities in EU
member states during the calendar year 2009 have until 31 March
2011 to submit their application for a potential tax refund.
For more information on Haines Watts, please visit their website
here: www.hwca.com