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Post Info TOPIC: VAT - Refund ?
Julie


Senior Member

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Posts: 301
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VAT - Refund ?
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Hi,

Sorry if this has been asked on the forum before but......

Am I right in assuming that VAT can be reclaimed on goods purchased for up to a period of 3 years prior to becomming VAT registered ?

If this is correct, I have worked out that my client will receive a refund of over £1500.  Is there a limit to what you can be issued as a refund ?

Also, if a refund is issued how do I account for this in SAGE ?

Sorry for the many questions, I have not come across this before and not wanting to appear a total novice in front of my client, some back up info would be appreciated.  I have looked on the HMRC site and they state up to 3 years, just wondered if anyone else had experienced the same query.

Julie

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sarahwilson


Veteran Member

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Posts: 37
Date:
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In sage theres a VAT liability nominal (mine is 2202) and then nothing is created immediately after.

If I was you I would set 2203 to be VAT asset (or similar) and post the amount owed by HMRC to you to that nominal.

Sorry can't help you with the rest!!

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