VAT repayments are automatically refunded by the UK tax authorities into the UK bank account of the company. It is not possible to carry forward a VAT credit to the next reporting period. Normally, it takes 10 to 15 days to get a VAT refund from the day the VAT return is submitted.
A UK bank account is mandatory to get your refunds via bank transfer. In case you do not have a UK account, HMRC will issue a cheque in the name of the company that can be cashed in an overseas bank account. If this check cannot be cashed, the business will need to open a UK bank account to get the VAT refund. It takes a longer time to get your VAT refunds via cheque.
The tax authorities may ask additional questions or carry an audit before accepting a repayment. In these cases, the VAT refund would be delayed.
More information is available in the online guidelines published by the authorities.