Quote:
Originally Posted by pdurrant
On one very bad quarter, I have received a VAT refund. Unless your business output is zero rated, ending up with a VAT refund is very bad news — you've spent more than you've earned!
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Absolutely! However, the VAT refund can be a help in the startup phase of a business - you can get the VAT back on your inputs while you wait for sales to ramp. Helps a bit with cash-flow!
/JB