[cwmfarm123]

Hi guys

A little advice needed

We have voluntary registered for vat.

Our  period ends 30th april, how soon can I submit my return after that.

Is it the next day and up to a month after ?

Or only a month after ?
It seems confusing on vat helpline, and no answer on helpdesk at the moment.

Just wondering if anybody knew, as I can see one or two of the members may be vat registered from some earlier posts.

Thank you ruth  ps im due a refund so earlier return the better

[hafod]

You can submit as soon as the period has ended (the day after if you like) but must submit by one calendar month plus 7 days after the end of the period.
We also get refunds every 3 months which is nice for the cashflow!
They have been very good at paying so far, I try and submit as soon as I can after the end of the period and usually get paid within a week.
Hope that helps

[hafod]

i should add - that there are number of VAT schemes (annual accounting scheme etc) that you can sign up to. I'm not sure on the rules for these, the post above is just what I do.

[cwmfarm123]

Hi  thanks for that really appreciate it.

Its my first return and have vat receipts going back 3 years, so a lot in first refund, but will also help every quarter.
I will expect my first return payment may take a little longer, but hopefully not too bad after that. Just trying to get first one right.

Ruth

[mowhaugh]

For businesses where you would generally be claiming back, because you pay VAT on your expenses but don't charge VAT on your product (animals in the case of most people on here), you can apply to do monthly VAT returns - definitely helps the cash flow!

Don't forget, if you are claiming VAT back on your fuel, to make a Fuel Scale Charge adjustment to account for the fact that some of your fuel will have been for private use.

[philcaegrug]

I'm on monthly returns and normally submit them online within a day or two of the end of the month.

[cwmfarm123]

Well guys !
Sent my first vat return in 7 days ago, nothing as yet, no phonecalls or letters, nothing as yet.
Does it tell you online if your repayment has been sorted, and if yes, where do I look for this.
Or just check bank account every few days.
Have now gone on to monthly returns, from advice given

Thanks ruth

[doganjo]

Didn't you get an acknowledgement email - or a page to print that it had been recorded?

[cwmfarm123]

Hi yes I had an acknowledgement as soon as I sent saying successful,  but awaiting a repayment. Just wondering what happens next. Do I just check bank account, or get another message ?

[doganjo]

If it works the same way as other HMRC departments (Gift Aid) then they will let you know when it has gone to your bank account - usually a couple of days after!    I would check the bank online every day. 

[mowhaugh]

They used to just put it into your bank account, but recently they have started sending out a letter saying how much you'll get - which you already knew because it was on your return.  I think it is taking a bit longer now, maybe about 10 days?

[Backinwellies]

What encouraged you to make the leap into VAT ... still wondering here!

[cwmfarm123]

Spoke to a lot smallholders who are putting their livestock into the food chain who advised me id be mad not too.
I put up a few questions on this forum, then decided to go for it. Rang hmrc who were very helpful, I applied, logged in to site and waited for date to submit a reclaim.
When I spoke to hmrc, lady said most smallholders like ourselves would benefit, as everything we purchase is vatable, and what we sell is zero rated, so should have a repayment back most months .
I found the vat submissions quite easy online (if I did it right lol)
And have gone back 4 years with receipts on starting our business, time will tell
I suppose , just waiting now to see what happens.
Just keep every receipt, what have you to lose

[bloomer]

wow didn't realise you could go back that far...

[cwmfarm123]

Yes it used to be 3 years on goods, but now its 4, and six months on services
Ruth