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VAT Refund

mcmillanuk · 2011-07-25 22:29:56

Hi everyone, I've just been looking through my girlfriend's accounts for her shop and came across something I'm not entirely sure is correct. Basically she took some advice from a friend who works in an accouts office and registered for VAT when she started (in 2007). Ever since then she has calculated & paid her VAT every…

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paddyrg Posts: 13,543 Forumite

31 July 2011 at 12:09AM

VAT almost always results in a net payment to HMRC, and everyone registered pays it (after offsetting the VAT they pau on supplies). It is actually quite an elegantly simple system, but does mean everyone registered makes a return and likely a payment (unless they make a VAT loss in a quarter, which is not usual)

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