Adsum & QuickBooks deliver £1.2M in VAT refunds in first 3 months

Adsum, a leading innovator in digital tax solutions, has experienced a surge in customer adoption following its integration with QuickBooks Online in December 2024. This collaboration introduces InstantVAT to QuickBooks customers, a pioneering solution designed to accelerate VAT repayments, significantly improving cash flow for business owners.

This rapid adoption highlights the strong demand for solutions that help businesses manage cash flow shortfalls, particularly in industries with substantial capital purchases, such as construction, manufacturing, and real estate.

Since its launch in December 2024, InstantVAT has unlocked over £1.16 million in cash flow for QuickBooks users, saving businesses an estimated 610 days (1.67 years) of waiting time for VAT repayments.

Traditionally, businesses wait around 10 days for HMRC to process and pay VAT refunds. With InstantVAT, refunds are received in as little as 24 hours, saving businesses an average of 47 days per year. This innovative solution sets a new standard for tax efficiency and innovation for QuickBooks users.

With InstantVAT, businesses can speed up their VAT refunds without any disruptions to their existing processes. The service seamlessly connects to a business’s HMRC account, monitoring submissions and releasing payments as soon as HMRC verifies the return. This means no paperwork and no changes to business or accounting operations – just faster access to funds. InstantVAT is available from as little as £5 per refund, making it a cost-effective way to improve cash flow.

Business owners have already seen the impact of InstantVAT firsthand. Greg Wixted, founder of Britain Loves Baking, praised the efficiency of InstantVAT, stating:

“I had three returns to do, and as soon as they were accepted, I was paid out in minutes. Amazing how much getting the VAT money back earlier means to a business.”

Nigel Burton from Inter Recruitment echoed this sentiment:

“A fantastic service. We posted our VAT return on Thursday evening, and the money was in our account by Monday morning. This saved weeks of waiting through HMRC at a minimal cost. I would definitely recommend Adsum to any business.”

InstantVAT is available to all UK VAT-registered businesses that are in a refund position. The service is particularly useful for businesses across various sectors that regularly deal with VAT reclaims. Industries that typically benefit from InstantVAT include construction, manufacturing, real estate, retail, food wholesale, exporters, and pre-revenue businesses.

By providing faster access to VAT refunds, InstantVAT helps these businesses improve cash flow without disrupting their existing financial processes.

Getting started with InstantVAT is a simple process. Businesses can create an InstantVAT account using their QuickBooks credentials, ensuring a smooth setup (here). Once the account is created, they need to connect their HMRC account to allow InstantVAT to track VAT submissions. After activating the service, businesses will start receiving their VAT refunds immediately upon HMRC verification.

QuickBooks Online now also integrates with OpenTax, a powerful tax management tool that grants accountants and bookkeepers a consolidated view of VAT and PAYE liabilities across multiple clients (with Corporation Tax and Self Assessment coming soon). This tool enhances financial oversight, ensuring compliance and improving planning.

Since its introduction, OpenTax has provided accountants and bookkeepers with visibility into PAYE charges totalling £692,326 and VAT payments amounting to £218,186,940 over the last 12 months.

Jennifer Hatfield of Chambers Accountants Ltd shared her experience, noting:

“Using OpenTax, we can see all of our VAT returns in one place, regardless of the software our clients use. It provides essential controls to ensure workflows are set up at the beginning of each VAT cycle and that returns are submitted on time.”

Julien Decot, Director of international BD and strategy, Intuit QuickBooks said: “At QuickBooks, our mission is to equip businesses, accountants, and bookkeepers with the tools they need to manage their finances with greater confidence and efficiency. The rapid adoption of InstantVAT highlights the critical need for faster VAT repayments, helping businesses improve cash flow and reduce financial stress.”

Julien Decot continued: “Meanwhile, our integration with OpenTax provides accountants and bookkeepers with unparalleled visibility into tax liabilities, streamlining compliance and enhancing financial planning. By bringing these innovative solutions to QuickBooks users, we’re not only simplifying tax management but also empowering businesses to focus on what they do best: growing and succeeding.”

In the coming months, Adsum and QuickBooks will be rolling out new features, including expanded support and tools specifically tailored for accountants*. This ongoing innovation reinforces Adsum’s commitment to simplifying tax processes for businesses and accountants alike.

* This document outlines our general product direction without obligation and should not be relied upon for purchasing decisions. Terms, conditions, fees, and eligibility requirements may apply. Features and offerings are subject to change without notice.

For more information, contact quickbooks@edelman.com