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bigduckontax, Accountant
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We are claiming vat on a hydropower building construction.

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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
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.
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