Businesses in the UK are being warned that the deadline to apply for potentially large
tax rebates is closing and many could be set to miss out.
KPMG has warned that many businesses may be "unaware" that they qualify for potential windfalls of between £50,000 to "several million" pounds.
The opportunity for a
tax rebate follows a court decision earlier in 2008 which allowed companies to reclaim VAT either overpaid or under-claimed between 1973 and 1997.
Stuart Hindle, indirect tax partner at KPMG in the UK, said that putting a claim together can be "time-consuming" as data from the 1970s will "not be available" and could be hard to extrapolate.
"But if businesses don't act quickly, they run a risk of losing out as all claims must be submitted by the end of March next year," he added.
"Leaving it too late could prove very costly."
Stephen Alambritis from the Federation of Small Businesses recently told the Telegraph that up to £200 million of small business
tax relief has been unclaimed by companies.
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