REG - Checkit PLC - Successful conclusion of VAT recoverability case

CheckitAnnouncement

27/06/2024 07:00

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RNS Number : 9952T  Checkit PLC  27 June 2024

 27 June 2024

Checkit plc

("Checkit" or the "Group)

 

Successful conclusion of VAT recoverability case

 

 

Checkit (AIM: CKT), the automated monitoring platform for operational leaders,
is pleased to provide an update on the discussions with HMRC regarding matters
of input tax recoverability.

 

As reported in its 2023-24 annual report, Checkit has been in correspondence
with HMRC since 2022 regarding whether it was entitled to recover input tax
incurred from November 2019 to July 2022. The total amount of input tax
claimed under review was £1.2m.

 

This was disclosed in the 2023-24 annual report as a contingent liability,
pending the outcome of a statutory review. The review of the case has now been
completed and HMRC has recognised that Checkit was entitled to input VAT
recovery throughout the period under review, given it has demonstrated to
HMRC's satisfaction its intention to make taxable supplies of management
services to its subsidiaries.

 

Following the successful conclusion of the review, HMRC's original assessment
has been cancelled and no further action will be taken. The contingent
liability is now no longer required.

 

 

For further information, please visit www.checkit.net (http://www.checkit.net)
or contact:

 

 Checkit plc                                              +44 (0) 1223 643313

 Kit Kyte (Chief Executive Officer)

 Greg Price (Chief Financial and Operations Officer)

 Singer Capital Markets (Nominated Adviser & Broker)      +44 (0) 20 7496 3000

 Shaun Dobson / James Fischer

 Tavistock (Financial PR)                                 +44 (0) 20 7920 3150

 Lulu Bridges / Katie Hopkins / Simon Hudson

 

 

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