The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance note provides an overview of the procedure that HMRC should follow when it receives a repayment VAT return.
See ‘Back tobasics ― VAT refunds, repayment supplement and interest’ by Karen Bullen in Tax Journal, Issue 1066, 21 (25 February 2011) (subscription sensitive).
Update: the draft Finance Bill 2018–19 legislation and explanatory notes. In Clause 32 and Schedule 14 of the draft legislation, changes have been introduced which will bring VAT into the scope of the provisions for repayment interest. The changes generally ensure that repayment interest works in the same way for VAT as it currently does for income tax self assessment with the exception of two areas around reasonable enquiry and missing returns. It is important tonote that the draft legislation contains provisions under which no repayment interest is paid on:
These changes have been introduced as a result of the Making Tax Digital: interest harmonisation and sanctions for late payment consultation.
The following process will be followed when a VAT return is received from HMRC:
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