Wednesday, July 18, 2007
Caffyns keeps £2.978m VAT refund
DEALER GROUP, Caffyns, will be able to keep the £2.978m VAT refund it received from HM Revenue & Customs, in March.
There was uncertainty relating to the retention pending the outcome of a case due to be heard in the House of Lords later this year.
Following a change of view by HMRC, however, the company has been told that the retention is no longer dependent upon the outcome of this case.
Caffyns will treat the money as income in the company's income statement for the half-year ending 30 September 2007.
DATED: 18.07.07
FEED: AW
There was uncertainty relating to the retention pending the outcome of a case due to be heard in the House of Lords later this year.
Following a change of view by HMRC, however, the company has been told that the retention is no longer dependent upon the outcome of this case.
Caffyns will treat the money as income in the company's income statement for the half-year ending 30 September 2007.
DATED: 18.07.07
FEED: AW
