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U.K. gov't plans to refund TMC fee VAT retroactively.

Publication: Business Travel News
Publication Date: 03-OCT-05 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Financial services companies operating in the United Kingdom could be reimbursed as much as $900,000 by the British government after paying too high a rate of value-added tax on their travel management company fees.

Her Majesty's Revenue & Customs, which is responsible for collecting VAT, has confirmed it intends to issue an interpretation of the issue before the end of October. Until now, lack of consistent guidance from HMRC has meant most travel management companies added a standard 17.5 percent VAT to their client fees. HMRC is expected to clarify that VAT...

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