Why does my refund say £10 on my account?

If your InstantVAT account displays your refund amount as £10, this can happen when it's your first VAT return.

Explanation:

• Limited Data from HMRC:
  • For approximately 80% of first-time VAT refunds, HMRC does not send us the complete refund amount data.
  • We receive partial information, including:
    • The VAT return period.
    • Date submitted.
    • Status of your VAT refund.
  • The exact refund amount remains unavailable until HMRC completes the verification process.

What This Means for You:

• Placeholder Amount:
  • The £10 amount is a temporary placeholder in your account.
• No Cause for Concern:
  • Once HMRC verifies your VAT refund, the correct amount will automatically update in your instantvat account.
  • Adsum will then pay your refund instantly, just as with any other VAT refund.

Next Steps:

1. Await HMRC Verification:
   • HMRC typically verifies refunds within the first 5 business days, but it can take up to 30 days.
2. Monitor Your Account:
   • Keep an eye on your InstantVAT dashboard; the refund amount will update once verification is complete.
3. Rest Assured:
   • You will receive your full refund promptly after HMRC's verification, despite the initial placeholder amount.

Need Further Assistance?

• Contact Support:
  • If your refund amount doesn't update after HMRC verification, or if you have any concerns, please reach out to our support team.
  • Email: help@adsum-works.com