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Spondoo Accounting

How to update your bank details with HMRC if you want your VAT refund paid directly into your bank account

May 27, 2021
For most businesses, it is rare to submit a VAT return that creates a refundable value from HMRC. Therefore, when this scenario does occur, many taxpayers do not have their bank details updated for HMRC to make the repayment

This article explains how you can ensure HMRC has the correct bank details for processing your VAT refund. 

Changing bank details 

It is important to inform HMRC if you intend to change your bank details at least 14 days in advance. 

If you pay your VAT by Direct Debit, you must also inform your bank to change your Direct Debit details – but not within five banking days before or after your VAT return is due. However, if you use the Annual Accounting Scheme, you must write to the Annual Accounting Registration Unit to change your Direct Debit details. It is vital to include your registration number in the request. 

How to change your details 

The process of changing your bank details

You can change your details in the following ways: 

1. Online 

You can make changes online via your VAT online account. To change your details online, follow the following steps:

Manage VAT account

  • Click Payments and Repayments.

Payments and Repayments

  • Select Setup Repayment account details.

Setup repayment account details

  • Follow the subsequent prompts.

2. By post – using form VAT484 

You can fill out form VAT484 to tell HMRC if any of the business details on your VAT registration application have changed. Consequently, you can send it to:  

BT VAT 

HM Revenue and Customs 

BX9 1WR 

United Kingdom 

It is crucial to remember that replies may take longer than 15 working days. 

 3. By webchat  

You can speak to an HMRC adviser online (webchat) to change your banking details. When an adviser is available, a link saying ‘speak to an adviser’ will appear. 

Click on the link immediately to open the chat and speak to an adviser, or you will have to wait for the next available adviser. 

Webchat is open on Monday to Friday, 8 am to 6 pm and closed on weekends and bank holidays. 

 4. By phone 

Before you make a call- it’s important to remember HMRC helpline may ask you some security questions. Because of this, ensure your personal details and address are up to date in your personal tax account, or you could fail telephone security.  

 Since the helpline uses speech recognition software, you will be asked why you are calling HMRC. Try to answer with short phrases and words, for example – you can say ‘change my bank details.’ 

 Use these telephone details to call HMRC: 

 In the UK: 

0300 200 3700 

 Outside the UK: 

+44 2920 501 261 

 You can also use Relay UK if you cannot hear or speak on the phone: dial 18001 then 0300 200 3700.  

 HMRC’s phone line opening hours are Monday to Friday: 8 am to 6 pm and closed on weekends and bank holidays. 

 Feel free to contact us for all your VAT inquiries. 

 

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Information provided on the site is merely guidance that may change in line with UK law and regulations. Users must not consider this to be financial advice or their sole resource when making any financial decision. Spondoo is a trading name for Accounting SQL Limited, authorised & license accounting firm under the Institute of Financial Accountants.

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