New bank repayment option for overseas businesses registered for VAT in the UK
Until earlier this month, overseas businesses that are registered for VAT in the UK only had the option of receiving VAT repayments via payable order. However, HMRC has launched a new online form available via the Government Gateway that will enable UK VAT registered non-established businesses to provide HMRC with their overseas bank account information so that HMRC can send future repayments electronically instead.
HMRC have stated that If any non-established businesses have already received a payable order that they are unable to cash, they can provide details and request cancellation of the payable order and HMRC will send an electronic repayment instead.
Non-established businesses can access the updated guidance and a link to the login for the form via the GOV.UK VAT Repayments page; a Government Gateway ID and password are required to access the form.