VAT Update - the floodgates are about to open! 
Added : 5th February 2008
Regional business advisers, Cooper Parry, inform local businesses about a window of opportunity to recover unclaimed VAT for pre 1997 periods.
The House of Lords has ruled in two cases that VAT law is defective in restricting the ability of businesses to reclaim repayments of VAT more than three years old. The law is defective because when the rules were changed in 1996 businesses were not given sufficient time to check their records to see if they would be able to make a claim.
Businesses should be urgently considering if they have a claim as it is almost certain that Parliament will need to introduce a transitional period during which claims can be made. How long they will allow cannot be predicted.
Steve Taylor, Head of VAT & Customs Services at Cooper Parry commented: ‘It was anticipated that the House of Lords would rule in favour of the businesses and it will be interesting to see how the government react to these rulings. Whatever they do, businesses need to consider their position carefully to make sure they do not miss an opportunity to claim.‘
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