Industry sector: Retail and wholesale

Architectural salvage: VAT repayments

Repayments may be made to VAT registered businesses if they pay out more in VAT on their purchases than they charge on their sales.

This might happen if, for example, you spent a lot buying equipment like tools, shelving and racking but didn't take much money in the first few months of trading.

If your business is VAT registered you'll complete a VAT Return every quarter, setting the amount of VAT paid by the business against the amount owed to HM Revenue & Customs (HMRC). If a repayment's due to you it will normally be paid direct into your business bank account. You can expect to receive your repayment around a month or so after you have submitted the Return claiming it.