In case you run a trading business in the UK or any other EU country and have imported services or goods which has already paid vat in the country of origin then you can claim vat back after vat registration. However, you should study many different rules necessary for vat refund before you stake your claim for any vat reclaim vat check.
Although tourists and certain other people can claim VAT or value added tax once they return back in order to their country simply by showing the initial vat invoice displaying the vat rate and vat amount, businesses need to furnish many more details before they are able to qualify for reimbursement. If you too have imported services or goods originating from a member EU country into the UK and also have already paid vat in the country then in order to avoid double taxation and reduce your costs, you ought to surely have a vat refund. Even though you may not be in a position to directly deduct the vat amount in 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 utilize the vat online services provided by HM customs and excise customs vat or visit the hmrc vat web site to register your business first. If you are not internet savvy or have trouble in comprehending vat rules it would be better to appoint a vat agent that delivers all vat services including applying for refunds and handling vat returns. You can now authorize your vat agent to submit your vat claims on your behalf. You can also appoint different vat agents in different countries and register them separately, especially if you import goods and services from different countries.
You should make sure that you retain all original documents of vat paid in the original country before you claim vat back. You should fill the vat form for vat reclaim before 9 months in the next calendar year once you have paid the original vat amount so that you can qualify for a vat refund. However, this time period varies in various countries. You might also need to climb over language barriers between various EU countries while submitting your tax documents. For example, Poland stipulates that you attach the faktura vat or tax invoice that is coded in Polish language before it is sent for any reclaim. When this happens, a local vat agent will be in a very better position to understand the precise laws of each country.
Once you have submitted all relevant documents to assert vat back, then you ought to receive the vat refund in the designated time period specified by the specific country. In great britan 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 desire or perhaps britain provided you have a valid bank account within the desired country. However, remember that 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 number.
If your business requires goods or services that have already paid vat in the country of origin before reaching the shores of your country in which you need to pay vat again, then you can claim back the extra 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. If you have just started trading internationally you’ll be able to claim vat back after vat registration and lower your costs to some great extent.