Potential VAT reclaim – update
VAT reclaim from HMRC expected to yield up to £0.6m, down from initial £1.67m estimate.
- Original VAT reclaim estimate £1.67m
- Expected net cash repayment up to c£0.6m
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MyHealthChecked PLC (AIM: MHC), the consumer home-testing healthcare company, provides an update in respect of the potential VAT reclaim.
As previously reported in the Company's interim results for the period ended 30 June 2024, issued on 26 September 2024, Proactive Consultancy Group (a specialist VAT advisory firm) submitted a claim to His Majesty's Revenue and Customs ("HMRC"), on behalf of the Group, for the repayment of VAT levied on certain COVID PCR tests sold in earlier years on a success fee basis.
At the time it was noted that, if the claim was accepted in full, the Group would receive approximately £1.67m VAT relief gain after associated costs. Following detailed correspondence with HMRC, certain elements of the claim have been accepted, and the Board now expects that the net cash repayment receivable by the Company will be up to c£0.6m dependent on the outcome of on-going discussions. The Company will provide further updates once the matter is fully concluded.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.