Small firms fail to reclaim VAT entitlement

Over a third of smaller companies are losing out financially by not claiming back the VAT they are entitled to, according to research carried out on behalf of Sage. The research discovered that many owner-managers do not understand the tax regulations relating to claiming back VAT and more than half of those surveyed calculated that this lack of knowledge could be losing their business more than £500 per year. Lee Perkins, Managing Director of Sage’s Small Business Unit, said: “Businesses that aren’t claiming back the VAT they are entitled to are really putting themselves at a competitive disadvantage.”
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