Are you a business which incurred a material amount of UK VAT on business related costs during 2020? If yes, this section is for you.
As you might already be aware, following the UK’s exit from the European Union (‘EU’) on 31 January 2020, the UK entered into a transition period until 31 December 2020. During this period, EU businesses that incurred VAT on expenditure in the UK before the end of the aforementioned transition period can still make a claim for VAT refunds in accordance with the Withdrawal Arrangements entered with the EU. However, the due date for such an application has been set to be 31 March 2021.
Therefore, if you are running a business and have incurred a substantial amount of UK VAT during the preceding year, as a result of your business activities and you wish to seek assistance in a possibility of reclaiming that VAT within the time stipulated above, our VAT Specialists are here to help you.