In case you operate a trading business in the UK or other EU country and have imported services or goods that has already paid vat in the nation of origin you’ll be able to claim vat back after vat registration. However, you should study all different rules necessary for vat refund before you decide to stake your claim for any vat reclaim.
Although tourists and certain other people can claim VAT or value added tax once they go back in order to their own country by simply showing the initial vat invoice displaying the vat rate and vat amount, businesses have to furnish many more details before they can be eligible for a reimbursement. In the event you too have imported services or goods http://vatregistrationnumber.com originating from a member EU country to the UK and have already paid vat in the country then to prevent double taxation and reduce your costs, you should surely have a vat refund. Although you might not be able to directly deduct the vat amount as part of your next vat return, you may surely claim vat back from the country of origin provided you follow their vat rules.
If you are not vat registered then you can certainly use the vat online services provided by HM customs and excise customs vat or visit the hmrc vat web site to register your organization first. If you are not internet savvy or have trouble in comprehending vat rules then it could well be better to appoint a vat agent that provides all vat services including applying for refunds and handling vat returns. Now you can authorize your vat agent to submit your vat claims on your behalf. You may also appoint different vat agents in several countries and register them separately, especially if you import goods and services 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 twelve months after you have paid the original vat amount so that you can be eligible for a a vat refund. However, this time around period varies in different countries. You might also need to climb over language barriers between various EU countries while submitting your tax documents. For instance, Poland stipulates that you just attach the faktura vat or tax invoice which is coded in Polish language before it’s sent for any reclaim. When this happens, a local vat agent will be in a stronger position to understand the specific laws of each country.
After you have submitted all relevant documents to assert vat back, then you ought to get the vat refund within the designated time frame specified by the exact country. In the UK the timeframe is usually around 4 months if your own claim is processed and approved without any need for additional proof. You can receive your vat refund in a EU country that you want or even in the UK provided you have a valid banking account within the desired country. However, remember that to submit proper documentation since any rejected vat claim will most likely be looked with suspicion and handled strictly by the concerned vat authorities of that country.
If your business requires services or goods that have already paid vat in the nation of origin before reaching the shores of your country in which you have to pay vat again, then you can claim back the excess vat paid on them. A vat agent that’s amply trained 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.