VAT repayments may be made to VAT registered businesses if they pay out more in VAT on their purchases than they charge on their sales.
A VAT Return is completed every quarter, setting the VAT paid against the VAT owed to HM Revenue & Customs (HMRC). If a repayment is due to you it will normally be paid direct into your business bank account a month or so after you have submitted the Return claiming it.
Checkpoints
Income: Health Shop
Expenditure: Health Shop
- Payments to creditors
- Cash purchases
- Licences
- Wages
- Drawings
- PAYE/NIC
- VAT
- Tax
- Rent
- Rates/Water rates
- Heat and light
- Telecommunications
- Postage, stationery, advertising
- Motor and travel expenses
- Professional fees
- Insurance
- General expenses
- Bank/finance charges/interest
- Leasing payments
- Capital expenditure
- Other payments