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VAT repayments to overseas traders

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HMRC is changing the VAT refund process for overseas traders which are registered for UK VAT but do not have a business address in the UK. Under the current process, where a repayment is due to these traders, HMRC’s systems automatically issue a payable order.

HMRC recognises that overseas banks are increasingly refusing to accept payable orders. To address the problem, HMRC is creating a new online form to facilitate repayments direct to traders’ bank accounts by CHAPS. When the new process is set up, electronic repayments will be made and a block will be placed on future payable orders.

Traders can access the online form via the government gateway.

Issue: 1554
Categories: News