reclaiming large amount of VAT
Discussion
I used to be a net VAT payer to HMRC to the tune of 5-20k per quarter for about 7 years. The business landscape changed and I exported all my stock (I used to sell within the UK before). I have all the proof of export etc.
Just submitted my VAT return and HMRC need to give me back 82k. Will they give it without fuss or will they want to go through everything before paying?
The one time I had a VAT inspection was smooth as and no issues came up.
Just submitted my VAT return and HMRC need to give me back 82k. Will they give it without fuss or will they want to go through everything before paying?
The one time I had a VAT inspection was smooth as and no issues came up.
Recently submitted our first VAT return which also meant a large (ish) refund, albeit smaller than the one being discussed here. They got in touch and wanted to see copies of the invoices for our five largest claims once these were supplied all was well. From now on we will be paying them every quarter with little opportunity to reclaim anything.
You'll get an inspection I would say.
I was owed £70k in overpaid VAT on a new build / refurb project....took them 2 months to decide if I needed a visit....two months to actually visit then about another four to repay the VAT.
Of course I was paid interest on the money they owed me.....
...what do they charge if you owe them? 8% is it?
I was owed £70k in overpaid VAT on a new build / refurb project....took them 2 months to decide if I needed a visit....two months to actually visit then about another four to repay the VAT.
Of course I was paid interest on the money they owed me.....
...what do they charge if you owe them? 8% is it? I had an inspection but they didn't visit. I did need to send them all my Invoices and accounts to look over and explain the reasons (mine was to do with property & stock purchases to start a new line off).
Once they had everything (came back to me a few times to query invoices that as an outsider they didn't immediately understand) I got paid within the week...but they insisted on sending it as a cheque rather than a transfer as it would have been if they had not investigated...still puzzled as to why, but I was just happy to have the money in the end.
Once they had everything (came back to me a few times to query invoices that as an outsider they didn't immediately understand) I got paid within the week...but they insisted on sending it as a cheque rather than a transfer as it would have been if they had not investigated...still puzzled as to why, but I was just happy to have the money in the end.
MrJuice said:
Thanks everyone
I haven't heard from them yet
Will call I think
It might take a few weeks or months. You'll likely get paid and then hear from them pretty soon after. I haven't heard from them yet
Will call I think
I wouldn't bother contacting them unless you a. absolutely have to or b. they contact you first.
All that'll happen is you'll sit on the phone for ages waiting to get through to them and then you'll get some oik on the other end of the phone who hasn't got a clue what you're talking about because they haven't got to your name yet.
You'll get a much better (and less time consuming) result if you just wait for them to contact you. As long as you've got all the correct paperwork etc then no need to worry.
Trackside Junior said:
It might take a few weeks or months. You'll likely get paid and then hear from them pretty soon after.
I wouldn't bother contacting them unless you a. absolutely have to or b. they contact you first.
All that'll happen is you'll sit on the phone for ages waiting to get through to them and then you'll get some oik on the other end of the phone who hasn't got a clue what you're talking about because they haven't got to your name yet.
You'll get a much better (and less time consuming) result if you just wait for them to contact you. As long as you've got all the correct paperwork etc then no need to worry.
I got given the direct number to the person specifically dealing with it so I could talk direct. No waiting in a queue, just a message machine if they were already on the phone.I wouldn't bother contacting them unless you a. absolutely have to or b. they contact you first.
All that'll happen is you'll sit on the phone for ages waiting to get through to them and then you'll get some oik on the other end of the phone who hasn't got a clue what you're talking about because they haven't got to your name yet.
You'll get a much better (and less time consuming) result if you just wait for them to contact you. As long as you've got all the correct paperwork etc then no need to worry.
Vat man wrote to me and called while I was away at end of Feb. Asked for various things. Then asked for more things. Then some more. Then went quiet for last two weeks
I was kinda bricking it because who wants anyone going through everything looking for errors. I do everything correctly but could do without that stress
Text message from bank this morning showed the vat had been refunded. Amazing. Huge weight off my shoulders
I was kinda bricking it because who wants anyone going through everything looking for errors. I do everything correctly but could do without that stress
Text message from bank this morning showed the vat had been refunded. Amazing. Huge weight off my shoulders
We fairly regularly export decent amounts. One time when it happened I got an inspection and I had sold the goods and shipped to the purchasers shipping agent in the UK - who then sent them over to the client. As I hadn't paid for the export I should have charged VAT and had to pay straight away. This was a big chunk of cash.
Luckily I was able to pass a VAT invoice to the client who then reclaimed it but it was "quite worrying" at the time!
Luckily I was able to pass a VAT invoice to the client who then reclaimed it but it was "quite worrying" at the time!
That's effectively what I did. Exported via a shipping agent but it was all in real time. Ie the goods were not released until I received payment. I therefore did not charge VAT
Now looking for a new business to get my teeth into alongside practicing medicine. Thinking property, power trading or continuing existing business in a different market. Hmm
Now looking for a new business to get my teeth into alongside practicing medicine. Thinking property, power trading or continuing existing business in a different market. Hmm
loafer123 said:
I had a VAT inspection for one of my businesses recently - like you around £80k reclaim.
I was worried, but the inspector was very friendly and practical. All done in about an hour.
I had something similar on circa £200k of VAT relating to one order. Was expecting a headache but as you say, it all went smoothly. We were visited for around half a day as an inspector reviewed the relevant paperwork plus they did some random sampling of more regular paperwork.I was worried, but the inspector was very friendly and practical. All done in about an hour.
We had even made a couple of admin errors as it wasn't something we normally do, but these were pointed out and we agreed we would do better next time. Overall they were friendly, professional and helpful.
MrJuice said:
That's effectively what I did. Exported via a shipping agent but it was all in real time. Ie the goods were not released until I received payment. I therefore did not charge VAT
Getting paid by the client wasnt a problem but the detail about who paid for the export meant we should have charged VAT. We pay for export, no VAT. They pay, charge VAT. I even had proof of export, no difference.Kind of makes sense really as the person who actually exports should be the one to reclaim the VAT.
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