If you operate a trading business in the united kingdom or other EU country and have imported services or goods which has already paid vat in the nation of origin then you can claim vat back after vat registration. However, it is important to study many different rules required for vat refund before you stake your claim for any vat reclaim vat verification.
Although tourists and certain other people can claim VAT or vat once they return back to their own country simply by showing the initial vat invoice displaying the vat rate and vat amount, businesses have to furnish a lot more details before they can be eligible for a a refund. In the event you too have imported goods or services from a member EU country into the UK and also have already paid vat in that country then to prevent double taxation and reduce your costs, you ought to surely apply for a vat refund. Although you might not be in a position to directly deduct the vat amount as part of your next vat return, you can surely claim vat back from your country of origin provided you follow their vat rules.
If you’re not vat registered then you can certainly use the vat online services offered by HM customs and excise customs vat or visit the hmrc vat website to register your business first. If you’re not internet savvy or have trouble in comprehending vat rules it could well be better to appoint a vat agent that delivers all vat services including obtaining refunds and handling vat returns. You can now authorize your vat agent to submit your vat claims in your stead. You may also appoint different vat agents in several countries and register them separately, especially if you import services and goods from different countries.
You need to ensure that you retain all original documents of vat paid within the original country before you can claim vat back. You should fill up the vat form for vat reclaim before 9 months within the next calendar year once you have paid the initial vat amount in order to be eligible for a a vat refund. However, this time around period varies in various countries. You need to to climb over language barriers between various EU countries while submitting your tax documents. For example, Poland stipulates that you just attach the faktura vat or tax invoice which is coded in Polish language before it is sent for a reclaim. In such a case, the local vat agent will be in a stronger position to understand the specific laws of each country.
Once you have submitted all relevant documents to assert vat back, then you ought to get the vat refund in the designated time frame specified by the exact country. In the UK the timeframe is usually around 4 months when your claim is processed and approved without any need for additional proof. You can receive your vat refund in any EU country that you want or even in the UK provided you have a valid bank account within the desired country. However, you should remember to submit proper documentation since any rejected vat claim will usually be looked with suspicion and handled strictly by the concerned vat authorities of the country vat validation.
If your business requires goods or services which have already paid vat in the nation of origin before reaching the shores of your country in which you need to pay vat again, then you can reclaim the excess vat paid on them. A vat agent that is well versed in international and national vat rules will be able to guide you towards claiming vat back with ease. For those who have just started trading internationally you’ll be able to claim vat back after vat registration and reduce your costs to a large degree.