Valassis, the coupon and voucher clearing business, has launched a service in partnership with Grant Thornton to help coupon issuers recover over £160m in VAT refunds following a change in tax regulation.
The two are offering advice and a financial service to all coupon issuers in the UK to help reclaim VAT on the value of coupons before the March 31 refund deadline.
Companies that issue coupons are entitled to reclaim VAT on the value of the coupons redeemed but the previous regulation stipulated a three-year time on claims.
However, last year the House of Lords extended the time limit on VAT refund claims to 36 years because the regulation was incompati-ble with European Union law.
Valassis, which claims to handle 85% of the UK’s coupons and vouchers, says three-quarters of the companies it has spoken to were unaware of the change in the law or how it affected them.
The company, part of US-based marketing services company Valassis Inc, is offering a “total solution”, from initial consultation to handling and submitting the claim. It aims to help companies meet the deadline and “maximise the repayment to which they are legally entitled”.
Valassis performs data management and financial clearing services for companies including Tesco, Procter & Gamble and News International and works for over 15,000 advertisers worldwide.