- HMRC has updated its guidance on repayment interest on VAT credits or overpayments
- Repayment is made within 30 days of receiving the VAT Return
- HMRC does not count days taken to check the return as part of the 30-day period
- If HMRC is late in paying, a business may be entitled to repayment interest
- Repayment interest replaces the repayment supplement for accounting periods starting on or after 1 January 2023
- A business or its agent can track a VAT repayment online
- Eligibility criteria for repayment interest on overpayments has been amended
- Start dates when VAT is not paid to HMRC have been updated
- Repayment interest end dates when HMRC sets it off against debts have been updated.
Source: marcusward.co
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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