Hi,
My business is a couple of years old, and we are investing heavily in R&D for new products, such that our VAT returns routinely result in (sometimes significant) VAT refunds.
This month we submitted our VAT return on ROS as usual but have not received the refund yet. We are getting significant funding next month but this month I was hoping to get the VAT refund to be in a comfortable cashflow position by going into December, allowing me to pay some good suppliers promptly (the refund is in the order of approx 20K).
Normally the refund comes in within a couple of days of filing (i.e. between 14th and 19th of the month), but no sign this month.
I'm wondering whether this is a sign of Revenue acting like a business and pushing out payments to ease cashflow? Have any other businesses found a slow repayment of VAT this month?
My business is a couple of years old, and we are investing heavily in R&D for new products, such that our VAT returns routinely result in (sometimes significant) VAT refunds.
This month we submitted our VAT return on ROS as usual but have not received the refund yet. We are getting significant funding next month but this month I was hoping to get the VAT refund to be in a comfortable cashflow position by going into December, allowing me to pay some good suppliers promptly (the refund is in the order of approx 20K).
Normally the refund comes in within a couple of days of filing (i.e. between 14th and 19th of the month), but no sign this month.
I'm wondering whether this is a sign of Revenue acting like a business and pushing out payments to ease cashflow? Have any other businesses found a slow repayment of VAT this month?