Thousands of hard-pressed British business are set for a VAT refund bounty, according to accounting software specialists, Accountz, thanks to a mix up made by local authorities when charging for trade waste collection.
In some cases the mix up can be traced back as far as four years, and even beyond, with many of Britain’s small businesses completely unaware they are owed.
Organisations such as private care homes, GP’s and dental practices are the most likely to receive the projected refund of hundreds, if not thousands of pounds. And companies with a VAT threshold of below £70,000 are also owed VAT charged by local authorities to collect their business trash.
Quentin Pain, founder and chairman of Accountz commented: “Out of the 4.8 million registered businesses in the UK, only 2.1 million are VAT registered. This news from the HMRC indicates that a large proportion of those non-VAT registered businesses are entitled to reclaim on VAT, however, through no fault of their own, will likely be unaware of this fact. For a lot of businesses particularly SMB’s, this reclaim will have a huge impact on their cash-flow in a positive way, let alone the annual turnover.”
Quentin continues “We want to make small sized businesses aware they are owed tax reimbursements and this will help entrepreneurs and companies lower their costs, thus helping the drive for entrepreneurial excellence within the UK.”
Notes to Editors
Accountz is a UK-based company that specialises in accounting software for the home and business. With 25 years experience in developing award winning accounting solutions that are powerful and easy to use, Accountz has a unique product portfolio that is driven by simplicity and speed.
Accountz software can be downloaded online or run straight out of the box and is compatible with Mac, Linux and Windows computers.
For home users, Home Accountz is ideal for managing household accounts and controlling personal finances in a straightforward way. The Business Accountz range consists of basic, professional and enterprise varieties, suitable for effortlessly handling the accounts for businesses of all types and sizes.
The company offers frequent training services for help familiarise customers with the Accountz software packages and is renowned for its outstanding customer support.
For further information, go to www.accountz.com
Nick Bird/ Jamie Hooper
Spreckley Partners Ltd
Tel: +44 (0)20 7388 9988