Submitting an 'input vat' claim

[Phil Hopkins]

HOW?!?

I've just registered for VAT and i'd like to claim back a far few thousand in input VAT to assist with my cashflow.

Having downloaded various PDFs from the HMRC website, i'm still none the wiser. I assume it's simply a case of submitting a form along with copies of invoices/receipts etc but i'm buggered if I can find said form.

Any help would be greatly appreciated.

Cheers,
Phil

[IRM]

which system are you on

we use cash accounting and submit a return every three months

vat would like us to be on the flat rate scheme as a percentage of turnover but i like the discipline of three monthly figures, plus you know where you are with their money and it helpss with end of year as the figures for different expenditure are easy to obtain.

[justinp1]

IRM said:

which system are you on

we use cash accounting and submit a return every three months

vat would like us to be on the flat rate scheme as a percentage of turnover but i like the discipline of three monthly figures, plus you know where you are with their money and it helpss with end of year as the figures for different expenditure are easy to obtain.

You can be on the flat rate scheme and also pay quarterly if that helps!?

[Phil Hopkins]

'Returns to be made in respect of period ending 28 February 2007, and three monthly thereafter.'

I guess every three months then?

[Smartie]

You should receive a VAT return any day, though you can't submit this until 28th Feb as thats the end of the period it relates to.

Money will (probably) be in your account after 2 weeks though you may get a call/visit if it's a large amount.

You don't submit invoices, just retunr the details of the VAT retunr, which is just a summary of totals for the quarter.

[w1how]

I registered for VAT a few months ago and paid all the expenses of setting up(premises,stock etc),but had no sales in that period so my accountant submitted the VAT return with them owing me(about £8k to come back iirc).I got a call from the vat office today and they are coming to see me next week to check the invoices/reciepts I am claiming for.

Edited by w1how on Friday 16th February 21:03

[Eric Mc]

You make your Input VAT claims as part of the regular completion of the Quarterly VAT Returns. You declare the Output VAT on your Sales and you reclaim the Input VAT on your costs. You pay the difference to the VAT man. If your Input VAT exceeds your Output VAT in any given VAT Quarter, you will receive a VAT refund. Most businesses make regular VAT payments.

You should have received the standard VAT Guide when you registered. All the necessary details are explained in that.

[Phil Hopkins]

Cheers Eric. It's just landed on my desk now! Need to get that money back in my bank account sooner rather than later!

[dadofbud]

We often have what I now call negative vat, upto 3 times a year normally if its over 20K you get a visit to check your not on the fiddle, perfer the vat man to the tax man although the one of the same now

[stumartin]

Phil Hopkins said:

Cheers Eric. It's just landed on my desk now! Need to get that money back in my bank account sooner rather than later!

I'm sure you're aware of this by now, but just do be careful to make sure you are entitled to reclaim all of that input tax, the rules aren't straightforward and you can't just claim back all the VAT you've incurred in the last 3yrs.

It's a good idea to try and get your first VAT return right on the money, a good relationship with your LVO should stand you in good stead.