Harnett Accountants Kingston brings you this report from Accountancy Age. A new ruling means that VAT relief on bad debts can be claimed from as far back as 1973!
“A BILL running into billions of pounds could be on its way to the chancellor after an upper-tier tribunal ruled that VAT rebates can be claimed on bad debts for the period between 1973 and 1997.
The case was brought by BT and GMAC, which is the finance arm of General Motors, and HM Revenue & Customs is likely to appeal the decision, reports the Daily Mail.
BT stands to claim £92m as well as interest, while the total the exchequer could end up paying out could run into billions.”
Source: original article
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