In case you operate a trading business in the UK or any other EU country and have imported goods or services that has already paid vat in the country of origin then you can claim vat back after vat registration. However, it is important to study all different rules necessary for vat refund before you decide to stake your claim for a vat reclaim.
Although tourists and certain other individuals can claim VAT or value added tax when they return back in order to their country simply by showing the original www.vatcheck.com/vat vat invoice displaying the vat rate and vat amount, businesses have to furnish many 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 to the UK and also have already paid vat in that country then in order to avoid double taxation and reduce your costs, you should surely have a vat refund. Although you might not be in a position to directly deduct the vat amount in your next vat return, you may 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 offered by HM customs and excise customs vat or go to the hmrc vat website to register your organization first. If you’re 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 obtaining 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 several countries and register them separately, particularly if you import goods and services from different countries.
You need to 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 initial vat amount so that you can qualify for a vat refund. However, this time around period varies in various 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 that is written in Polish language before it’s sent for any reclaim. In such a case, the local vat agent would be in a very better position to comprehend the specific laws of each country.
After you have submitted all relevant documents to assert vat back, then you should get the vat refund within the designated time frame specified by the specific 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 desire or even in britain provided you’ve got a valid banking account in 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.
If your business requires services or goods that have already paid vat in the nation of origin before reaching the shores of one’s country in which you have to pay vat again, then you can reclaim the extra vat paid on them. A vat agent that’s amply trained in international and national vat rules will be able to help 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 reduce your costs to some great extent.