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Agents warned of cash losses


AGENTS risk losing thousands of pounds because they have failed to change the way they pay VAT.



Under a partial exemption rule, retailers do not have to pay VAT on insurance sales, credit-card transactions or service fees. Despite warnings from ABTA many agents are continuing with the standard method of payment.



Chief executive Ian Reynolds said:”We have told agents they need to contact Customs and Excise to make other arrangements but many have taken no notice. They are doing themselves out of thousands of pounds.”



He said ABTA will write to members again urging them to take action.


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