Are you claiming the maximum VAT back for your business?

March 7, 2023

In most instances, yes! Sometimes though, you can overlook opportunities for recovering VAT on purchases. Examples include:

  • Employee expenses such as food and subsistence while travelling for work
  • VAT on imported goods
  • Advertising and marketing
  • IT, software and online subscription services
  • Training expenses

Am I too late?

Good news – you have 4 years “and a bit” to claim VAT that you previously hadn’t recovered. For example:

  • You have a VAT invoice dated 13 August 2019
  • You hadn’t previously claimed the VAT
  • You declare VAT quarterly

Then the latest you must adjust this is in your VAT return ending on 30 September 2023.
As the deadline is one calendar month and seven days after the end of the VAT period.

The final deadline is 7 November 2023!

How does it work?

If you’ve missed a total VAT amount of:

  • up to £10,000 or
  • 1% of your *box 6 figure up to a maximum of £50,000

Then you can make the adjustment on your next VAT return.

If the VAT amount is higher than the above amounts, then you must apply to HMRC for a refund in form VAT 652.

*Box 6 figure is the total value of sales and all other outputs excluding any VAT

How can we help?

At gunnercooke Operating Partners, we’ll help you:

• Review your latest VAT return

• Identify areas where you can make savings

• Contact UK or overseas businesses to refund any wrongly charged VAT

• If significant, look for more reductions in previous VAT returns

• Advise on how to adjust your next VAT return

• If required, prepare applications for VAT refund

• Deal with any HMRC queries regarding these applications

Contact us to find out more about how we can help:[email protected]

Neeraj Nagarkatti

Associate Operating Partner — Tax Accountant

Find out more about gunnercooke Operating Partners here