VAT claim - Money owed

Chris_OCR · Sep 7, 2009

Hi all,

I recently submitted my first VAT return, I opted to do it myself as opposed to using my accountant.

It works out that I am actually due around £1600 back, HRMC have all my business bank account details however I would imagine getting the money off them will be one hell of a wait?

I am correct?

I have no real urgency for the money, however it would be nice.

Jenni384 · Sep 7, 2009

If they have your bank details on file, the money should be with you a month or so after you submit your return.
Depending on your industry it might take longer as they might like to verify some things but in my experience most refunds including initial ones are processed fairly promptly.

Chris_OCR · Sep 7, 2009

Perfect thanks Jenni!

Dawg · Sep 7, 2009

I have usually got refunds in about 10 days.

easiprint · Sep 8, 2009

I filled a return on Thursday via the online service and had the refund payment in my bank account this morning. That's pretty damn fast for a refund from HMRC in my opinion!

MyAccountantOnline · Sep 8, 2009

easiprint said:
I filled a return on Thursday via the online service and had the refund payment in my bank account this morning. That's pretty damn fast for a refund from HMRC in my opinion!

In my experience most VAT refunds are issued within a few days provided the VAT return is submitted online.

Gillie · Sep 8, 2009

For your first vat return to get a refund etc, you can expect about three weeks on average, thereafter, if subsequent vat returns get a refund, then if you do it online etc, be prepared to get it back within a couple of working days - its a nice feeling when they give it back sooo quickly!

Geoff T · Sep 8, 2009

while that's a good sign - I have to confess I'm a tad let down by the news...

getting the chance to chase HMRC could - just - have been one of those "

" moments in my career...

Gillie · Sep 9, 2009

Geoff T said:
while that's a good sign - I have to confess I'm a tad let down by the news...

getting the chance to chase HMRC could - just - have been one of those "" moments in my career...

You like banging your head against a brick wall then Geoff??

David Griffiths · Sep 9, 2009

HMRC have an obligation to make repayments within 30 days. However the clock stops running if they are raising any queries on the return.

It's not uncommon on first returns for them to telephone and ask to see some further information - normally a list of the input tax reclaimed plus copies of a few of the larger invoices. It can also happen if you make an unusual repayment claim when you are well established.

If you don't provide the information on time, there's nobody else to blame!

Geoff T · Sep 9, 2009

Gillie said:
You like banging your head against a brick wall then Geoff??

getting people to part with money, no matter how you do it, can lead to the occasional wall or two!!

Chris_OCR · Sep 16, 2009

Just had a call from those lunatics at HMRC and they processed our payment which should be in our account in the next couple of days, happy days!

Definately going to be doing the returns online in the future!

dtbuilders · Sep 20, 2009

Jenni384 said:
If they have your bank details on file, the money should be with you a month or so after you submit your return.
Depending on your industry it might take longer as they might like to verify some things but in my experience most refunds including initial ones are processed fairly promptly.

i posted my first vat reurn via post about 8 weeks ago, iam owed over £2000, i havnt heard nothing as of yet, is this normal, thanks danny,

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VAT claim - Money owed

Chris_OCR

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Chris_OCR

Dawg

easiprint

MyAccountantOnline

Gillie

Geoff T

Gillie

David Griffiths

Geoff T

Chris_OCR

dtbuilders

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