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VAT registered business repair bill
elecious
Posts: 31 Forumite
Hi, asking on behalf of a relative
They are having to pay VAT on a non-fault insurance claim the amount is close to £20k, its a huge amount to have to pay out and if there is nothing that can be done and the repairs company want the money asap then the company can't exist anymore, there isnt anywhere near £20k in cash in order to pay. There will also be other bills from smaller repairs like electricians etc
From what i understand of the process my relative then claims back this against her VAT returns every quarter, is that correct? so she is temporarily out of pocket, but what happens if that out of pocket amount means the business cant function (cant pay staff, get materials etc)
Is there an option to pay repair VAT bill as the companies quarterly VAT bills come in? Or having just read in another thread here they could switch to monthly VAT returns to try and recoup £20k?
Any other ideas would be very helpful and much appreciated.
They are having to pay VAT on a non-fault insurance claim the amount is close to £20k, its a huge amount to have to pay out and if there is nothing that can be done and the repairs company want the money asap then the company can't exist anymore, there isnt anywhere near £20k in cash in order to pay. There will also be other bills from smaller repairs like electricians etc
From what i understand of the process my relative then claims back this against her VAT returns every quarter, is that correct? so she is temporarily out of pocket, but what happens if that out of pocket amount means the business cant function (cant pay staff, get materials etc)
Is there an option to pay repair VAT bill as the companies quarterly VAT bills come in? Or having just read in another thread here they could switch to monthly VAT returns to try and recoup £20k?
Any other ideas would be very helpful and much appreciated.
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