Client received a VAT repayment in excess of £430,000
VAT repayment
Our clients business is mostly in the insurance sector with many services provided being correctly treated as VAT exempt. As a firm of VAT Accountants we were asked by the businesses Accountants to provide advice to a client on the VAT liability of some services that were being treated as standard rated. After closly examining extensive information from the client one of our VAT specialist accountants formed the view that these services were in fact exempt.
As the client is partially exempt every VAT return needed to be recalculated following which voluntary disclosures were made for a VAT repayment by our VAT experts on behalf of the client to HMRC. The potential issue of “unjust enrichment” was considered and our VAT consultants concluded this was not an issue. HMRC accepted that our client would not be unjustly enriched.
After various correspondence over a 9 month period during the “pandemic” HMRC made the VAT repayment of the voluntary disclosure, in full, to our client.
The VAT repayment was for an amount in excess of £430,000. The client continues to benefit from the advice received from our VAT specialist firm.
Contact us on 0161 883 2120 to discuss your possible VAT repayment or any other VAT matter.
HMRC’s gneral VAT guide is available at https://www.gov.uk/guidance/vat-guide-notice-700
Meet The Team
PeterSmallwood
Peter has assisted a variety of clients including overseas businesses, large multi-national businesses, family businesses, partnerships and sole proprietors. Peter has represented clients at VAT ADR meetings and at the First-Tier Tax Tribunal. Initial negotiations with HMRC can be crucial and as a VAT specialist Peter has been able to make representations to HMRC that have resulted in a number of clients to successfully resolve matters without the need of further action. Peter has been instructed by a number of firms of Solicitor’s to provide expert witness reports in relation to VAT matters.
Experience
Peter has over 25 years’ experience as a leading VAT specialist working in the profession including being a VAT Director at Deloittes. Prior to working within the profession he worked as a Senior VAT Officer at what is now HM Revenue & Customs (HMRC). Indeed he remembers the days prior to HMRC when he worked at HM Customs & Excise (HMC&E) and before specialising in VAT his work experience included Excise Duty and Customs Duty matters.
RachelDavies
Rachel Davies began her working life in the legal profession. When appropriate Rachel will instruct Counsel on behalf of clients for some of the more complex appeals on which we are instructed. Some appeals where Counsel has been instructed by Rachel have resulted in HMRC conceding the matter only a matter of days before a hearing was due to take place.
She moved on from the legal profession and over 25 years ago began working with the VAT group at Deloitte. Rachel was instrumental in setting up Solve VAT in 2002 and almost the first matter she worked on was what ultimately turned out to be a successful appeal on behalf of a client to the High Court from what was then the VAT and Duties Tribunal.