15 October 2018
Academies are state funded schools which supply education to pupils up to age of 16 (and 16-19 where applicable). Academies can reclaim VAT incurred on purchases in relation to their non-business activities.
They can do this either by registering for VAT or by using a VAT126 form. Traditionally the paper VAT126 form was a cumbersome means of reclaiming VAT and could often be processed slowly by HMRC, with queries adding further delays. HMRC have now introduced an online form for submitting VAT126 claims, which is hoped to offer a more efficient and streamlined route for Academies to submit their claims. The Academy will need to register for a Government Gateway User ID (if not already registered for the service). Link to details here https://www.gov.uk/guidance/claim-a-vat-refund-as-an-organisation-not-registered-for-vat
Don’t leave this to chance, so speak to your advisors or speak to us, our VAT advice is not as expensive as you think. VAT.tamworth@hwca.com
