How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4416
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

We are claiming vat on a hydropower building construction.

Resolved Question:

we are claiming vat on a hydropower building construction. The inland revenue have replied and said they will pay £98,000 into our account with them. Does this mean we will not get the money back on our business account
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. The Inland Revenue have never been involved in VAT. It was a matter for HM Customs and Excise and following amalgamation some years ago, HMRC. If the input tax recovery has been agreed by HMRC then the funds will be transferred to the linked bank account. This tends to be done very early in the month following the filing of the quarterly return though with such a large sum there may well be a delay. Later submission of the return will, of course, delay the refund. I do hope my reply has been of assistance.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 1 year ago.
Thank you for your support.