Many small organisations are due VAT refund from HMRC

Accountz, the accounting software specialist, has said that thousands of hard-up British firms are in line for a VAT refund due to a mix up over the amount local authorities have been charging for the collection of trade waste.

In some instances, the mix up has been going on for as long as four years and possibly even further and many SMEs are oblivious to the fact that they are owed a refund.

Organisations such as dental and GP practices and private care homes are the most likely to get a refund of hundreds, or possibly thousands of pounds. Companies whose VAT threshold is below £70,000 should also get a refund of the VAT paid to local authorities for business trash collection.

The founder of Accountz, Quentin Pain, said that only 2.1 million of the 4.8 million registered UK businesses are registered for VAT. This figure from HMRC indicates that many non-VAT registered firms are entitled to reclaim the VAT, but are unaware that they can do so. For small businesses, this will have a positive impact on their cash-flow, as well as their turnover.

Pain went on to say that he wants to make SMEs aware that they are owed this tax rebate as this will help small firms lower their expenditure and help drive entrepreneurship in the UK.

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