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 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 a vat reclaim.
Although tourists and certain other individuals can claim VAT or vat when they return back to their country by simply showing the original vat invoice displaying the vat rate and vat amount, businesses have to furnish a lot more details before they can qualify for a refund. In the event you too have imported goods or services vatregistrationnumber.com originating from a member EU country into the UK and have already paid vat in that country then to prevent double taxation and lower your costs, you should surely apply for a vat refund. Although 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 are not vat registered then you can use the vat online services offered by HM customs and excise customs vat or visit the hmrc vat web site to register your business 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 in your stead. You may also appoint different vat agents in different countries and register them separately, particularly 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 claim vat back. You need to fill the vat form for vat reclaim before 9 months within the next calendar year after you have paid the original vat amount in order to qualify for 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 attach the faktura vat or tax invoice that is written in Polish language before it’s sent for any reclaim. In such a case, 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 in the designated time frame specified by the specific country. In the UK the time period is usually around 4 months if your claim is processed and approved without the requirement for additional proof. You can receive your vat refund in a EU country that you desire or perhaps the UK provided you have a valid banking account in the desired country. However, you should remember 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 the country.
In case your business requires services or goods that have already paid vat in the country of origin before reaching the shores of your country where you need to pay vat again, then you can claim back the extra vat paid on them. A vat agent that is amply trained in international and national vat rules will be able to guide you towards claiming vat back without difficulty. If you have just started trading internationally you’ll be able to claim vat back after vat registration and reduce your costs to a large degree.