I have a client asking me when do i expect they will receive their claimed VAT for the last quarter up to 31/08/2014. The company is in VAT checking procedure now.
Could someone explain how much time it does usually take to do such a payment?
Hi
Normally if you were paying VAT for that quarter you would have to pay by c 7th Oct. For refunds they can come through within a week or two of that.
That said it can depend on when you actually sent the VAT return ie if you processed it on 6th October then it might take a bit longer or if its a very first VAT return then it can depend on the size of the refund (that can take another couple of weeks).
Im not sure what you mean the company is in VAT checking procedure?? Are they having an initial VAT inspection because its a refund? If so then HMRC will complete the investigation then if they are happy with it will process a refunds, so c2weeks later it should drop through to the Bank Account. (Unless you havent quoted a Bank account number in which case you will wait a few more days for a cheque). If they are not having an inspection then I would chase it up now.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
The VAT checking procedure sometimes requires the taxpayer to provide information. Any delay here will delay repayment.
Also, if the business is in, for example, land & property, computer chips, mobile phones, then the procedure will be much longer.
