This article covers the following:
Will I need to be VAT Registered to for the IN-SYNC rebate service?
Yes. To claim back any VAT on the FRS, you first need to be registered for VAT. This is nothing to worry about - as IN-SYNC Tax are acting as your VAT Agents we will do everything for you. We will invoice your engager (providing we work with them), we will submit your VAT Returns and make payments into your bank account when a refund is due.
Can I be VAT registered if I earn under £85,000?
This is a common misconception with VAT. Correct, there are VAT thresholds, but you can voluntarily register for VAT to claim back the benefits. If you earn over £85,000 it is compulsory to be VAT registered, however, if you earn less than that, you are able to voluntarily register for VAT.
How far back can you go to claim VAT?
You may be able to backdate your VAT registration by up to four years, depending on your circumstances.
What is the cost for your VAT rebate service?
As with any service, there is a fee. You will never need to pay the fee out of your own pocket, we will take our fee from your total reclaim amount. Our fee is a percentage (30% + VAT) and we will need to cover our minimum fee before any payments can be made out to you. Your refund will build up alongside our fee and once this has been covered you will receive a lump sum payment. You will then receive ongoing quarterly refunds.
How long will it take me to receive my refund?
This all depends on how much VAT IN-SYNC Tax are able to invoice for. Our fee is gathered from the invoicing that we do, so the more we can invoice for, the quicker a payment will be due. The further we are able to backdate your VAT registration, the quicker a VAT payment will be due. A payment is due once our fees are covered.