vat return

[Steve Bullman]

could someone please tell me, how long after filing a vat return can i expect my vat refund?

[Rupe]

Whats a VAT refund?

 

Why are you owed a refund, have you spent out on a load of stuff? Have you just gone vat registered and are claiming for the last however many years worth of VAT spent?

 

If so I doubt you'll get a refund, you get it through the vat you will now be collecting, you keep that instead of handing it over, thats your refund!

[Log-ologist]

Sorry steve, I cant tell you, I pitty you if you have been forced to join the VAT club. Its a PITA burden. Your domestic customers will hate having to pay the extra for no improved service.

[Steve Bullman]

yes just gone mate....and i think you're wrong regards the refund, ive heard from several people they had refunds. plus the letter i had with my registration number said "it is particularly important that your bank details are accurate as they will be used to make any repayment of tax that may be due to you"

 

i hope you're wrong mate cos i just booked a trip to disneyland haha

[Steve Bullman]

  Log-ologist said:

Sorry steve, I cant tell you, I pitty you if you have been forced to join the VAT club. Its a PITA burden. Your domestic customers will hate having to pay the extra for no improved service.

 

its no burden at all oliver....i have very few domestic customers, nor particularly want any, and there will be zero extra bookwork to do. quids in all round from where im sitting.

[Rupe]

Your right steve, you should be refunded but it all works out the same in the end. You collect and spend some and give the rest to them! If you don't get a refund then you just keep the next quarters vat. No gain either way except cash flow.

 

Customers should be getting extra benefit from paying Vat as a none vat company is not a company. The threshold is so low that anyone not charging VAT must be dodgy!!

 

I know we all started out not charging vat and we were not dodgy but generally thats a good argument to make to your customers.

[Tom D]

Is this your first return? Mine took a while as they asked for all the receipts for the capital expenditure claims that I made, after we submitted these the payment took a couple of months. Did you know that as well as capital expenditure you can also claim the vat from any professional services that you have used in the last 6 months eg. accountant.

[Steve Bullman]

yes tom, all in all it will amount to a good bit hopefully.

 

and rupe, i disagree about not being better off. last month i had a pretty average month, didnt spend out on anything too much but still spent a good sum on vat.....thats money that i wont be spending from now on....as for the vat coming in, thats 17.5% of someone elses money i can earn interest on for a short while.

[Dean Lofthouse]

All my customers are domestic customers and if I charged vat on top of my quote, I'd be out of business in a fortnight.

 

They are not interested in the whys and wherefores of vat registration, they are just interested in paying for work done, not work done plus a fifth more for the tax man

[slasherscot]

they aint too long with refund Steve had a few when buying machinery. forget about it and it will a surprise when it comes in

 

g