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Wetherspoons applies for a refund after UK & Ireland excise duties have been paid

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Pub chain JD Wetherspoon says it is trying to recover £495,000 (€590,000) from UK tax authorities for goods bought in the UK and shipped to Ireland.

The case dates back to when the chain first moved here. Excise duty was paid in the UK, but later also in Ireland.

Wetherspoons said that “due to a clerical error in the early days of our business in the Republic, which the company has attempted to correct, to date it has not been able to recover this duty, although it is transparently clear that the duty has been paid.” “.

It is now applying for reimbursement from the UK authorities. Wetherspoons added two new pubs in Ireland last year, bringing the number here to eight, including the Keavan Port Hotel at Dublin’s Camden Street Lodge.

The results also show an unrealized potential deferred tax asset in Ireland of £8.8m in relation to capital losses and tax, although with insufficient certainty of recovery to be reflected in the books.

In its overall findings, the more than 800-strong chain said it expects trade to recover to pre-pandemic levels this year, assuming there are no new restrictions. Founder and chairman Tim Martin said the group is working with suppliers to curb the impact of inflation.

With inflation at a 30-year high, Mr Martin said the company will work with suppliers to offer customers competitive offers “despite price pressures”.

Wetherspoon reported a loss of £21.3m in the six months to January 23 compared to a profit of £57.9m a year earlier.

“Draconic restrictions amounting to lockdown-by-stealth are obviously kryptonite for hospitality, travel, leisure and many other businesses,” said Mr Martin, who has been an outspoken critic of the UK government’s handling of the health crisis, said in the findings statement of the first half of the year.

Mr Martin said Wetherspoons had halted sales of Baltika beer, Russia’s biggest brand, following the country’s invasion of Ukraine.

Baltica is owned by Carlsberg.

https://www.independent.ie/business/irish/wetherspoons-seeks-refund-after-paying-excise-in-britain-and-ireland-41463708.html Wetherspoons applies for a refund after UK & Ireland excise duties have been paid

Fry Electronics Team

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