- HMRC has updated guidance on when repayment interest is due
- Repayment interest is due if a business has claimed more input tax than declared output tax
- Repayments are usually made within 30 days of HMRC receiving the VAT Return
- Repayment interest may be entitled if HMRC is late in paying
- Repayment interest replaces the repayment supplement for accounting periods starting on or after 1 January 2023
- Businesses can track VAT repayments online
- Information on eligibility criteria for repayment interest on overpayments has been amended
- Information on repayment interest end dates when HMRC sets it off against debts has been updated
Source: deeksvat.co.uk
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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