Refunds under the Charities VAT Compensation Scheme
The Wheel has welcomed the announcement from Revenue of the processing of payments under the VAT compensation scheme in respect of 2018. As previously announced by Revenue, the total claims were almost €40m whereas the fund available is only €5m, therefore charities will only get around 15% of what they applied for. The high level of claims supports our pre-Budget call for the funds available in the Scheme to be increased as there is clear demand but as the Scheme is on an initial 3-year cycle, any such increase will not be possible until Budget 2021 comes out this time next year.
We encourage all our members, large and small, to continue to make claims under the Scheme as the more is claimed by the sector, the stronger our case for an increase in the amount available. We are appreciative of the good working relationship formed with the Department of Finance and Revenue over the operation of the Scheme and look forward to continuing this collaboration.
You can review Revenues full press release confirming refunds under the Charities VAT Compensation Scheme will issue this week, here.
If you have questions about the Charities Vat Compensation Scheme, please contact Tony Ward, Director of Finance, email@example.com or 01 454 8727.