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SMEs not claiming £61bn worth of VAT
A quarter of small and medium-sized businesses are missing out on VAT reclaims due to sloppy expense practices, according to data released by fuelGenie.
The calculations by fuelGenie show that on average, a VAT-registered company with five vehicles could reclaim around £1,000 for petrol per year, meaning that they are losing out on at least £250.
"During times of economic difficulty, one of the main reasons why SMEs go under is because they run out of cash. However sound a business is in other ways, successful cash flow management should be a key priority as it is crucial to success," said Stephen Roper, Professor of Enterprise at Warwick Business School.
Post Date: December 7th, 2009
The calculations by fuelGenie show that on average, a VAT-registered company with five vehicles could reclaim around £1,000 for petrol per year, meaning that they are losing out on at least £250.
"During times of economic difficulty, one of the main reasons why SMEs go under is because they run out of cash. However sound a business is in other ways, successful cash flow management should be a key priority as it is crucial to success," said Stephen Roper, Professor of Enterprise at Warwick Business School.
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Post Date: December 7th, 2009
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