NHS trusts and health boards are benefitting from just over £65million in additional VAT recovery, thanks to an experienced NHS VAT team at NHS financial and workforce effectiveness specialist Liaison Financial.
The NHS is subject to its own special VAT rules with HMRC, entitling it to reclaim VAT on some of its expenditure. VAT specialists at Liaison Financial recovered £60.3million for its regular customers as well as a further £5.2million of underclaimed VAT with other organisations when the company re-reviewed work carried out there by other advisory firms. In total, this could fund 174 nursing posts for the NHS.
During the eight years of delivering these re-reviews (called VATplus) to NHS clients Liaison Financial has delivered an additional £25million in savings for the NHS that would have been lost. Liaison Financial’s Managing Director Alison Jones comments: “Liaison Financial now delivers VAT reviews to around 40 per cent of the NHS. From complex teaching hospitals to smaller community trusts, we’re delivering tangible results on a regular basis.”
“Our specialist work in re-reviewing work carried out by other advisors at NHS organisations shows that in some cases up to date HMRC rulings are not being applied. Finance teams don’t have access to the depth of NHS VAT knowledge that we possess, so our work can help them maximise potential recoveries and support them in decreasing exposure to fines and penalties from HMRC.”