Why have you updated my HMRC bank details?

We update your HMRC bank details to expedite the processing of your VAT refund. Here's why and how it benefits you:

Reason for Updating Bank Details:

• Faster Refunds:
  • By temporarily changing your HMRC repayment account to our bank account (Sort Code: 23-22-22), we can pay you your VAT refund immediately once HMRC verifies your VAT return.
• Streamlined Repayment:
  • This setup allows HMRC to repay us directly after we've advanced the funds to you, simplifying the overall process.

How It Works:

1. Submission and Verification:
   • You submit your VAT return as usual.
   • HMRC reviews and verifies your return.
2. Instant Payment:
   • Once verified, we pay you your refund instantly—up to one week sooner than waiting for HMRC's standard processing.
3. HMRC Repayment:
   • You don't have to worry about repaying Adsum. HMRC processes your refund and sends the funds directly to our collections account, settling the amount we advanced to you. 

Security and Standard Practice:

• Secure Process:
  • Updating your HMRC bank details to our account is a secure and standard practice in the industry.
• Temporary Change:
  • The change is temporary and solely for the purpose of expediting your refund.
• Data Protection:
  • Your personal and financial information remains protected under strict data protection regulations and our privacy policies.

What This Means for You:

• No Action Required:
  • We handle the bank detail update on your behalf; you don't need to do anything.
• Immediate Access to Funds:
  • Receive your VAT refund faster, improving your cash flow.

Frequently Addressed Concerns:

• Will This Affect My Future VAT Refunds?
  • No, once updated, our repayment bank details will have no impact on your future VAT returns.
• Is My Money Safe?
  • Absolutely. This process is designed to be secure and to ensure you receive your funds promptly.