AS you remember, FUW Ltd registered for VAT in March 2019 and the registration date was back-dated to September 1 2017.
In order to raise the Output VAT retrospectively due to hMRC, members who were Full Members during that period were sent VAT-only invoices for that period and asked to pay FUW Ltd the invoice amount and reclaim it through their VAT return.
The target was to recover at least 50 per cent of the potential VAT, so that there would be no net cost to FUW Ltd. The response of members has been fantastic, but we are still shy of the £80k target. We have recovered £59,238 at June 21 2019 and need to hit £80,000.
If we recover more than this, then hMRC will make a net payment to us for the period. Many of you will be submitting VAT returns for the quarter ended 30/6/19 in the next few weeks. If you have not yet paid the retrospective VAT to FUW Ltd, which you can claim in full through your VAT return, please do this as soon as possible.
If you need a duplicate invoice, please email firstname.lastname@example.org or phone Amanda at head office on 01970 820820. Please help us beat the target!