ManxSPCA working to fix VAT issue
A local charity has revealed it's working to correct a tax issue after overclaiming VAT.
The ManxSPCA confirmed it's inadvertently overclaimed input VAT in the past due to the complexity of the VAT system that applies to charities.
The organisation admitted it made a mistake when submitting VAT returns by claiming back VAT on supplies used for charitable purposes.
The board of the charity has brought in an accountancy firm to review the situation and are in discussions with Isle of Man Customs to correct the issue.
A statement from the organisation says the returns were prepared in good faith and that there was no conspiracy or fraud by anyone involved.