When you have already paid vat on your goods or services again and would like to receive the original amount back then while reclaiming vat ensure proper procedures are followed. You may use the vat refund scheme to get back vat that might have already been paid earlier in order to lower your costs and even get respite from the issue of double taxation over your goods or services.
Although you will not be allowed to deduct the vatcontrol.com/vat tax amount directly from your next vat return, you still be permitted to claim that amount in a separate vat refund scheme. This scheme is available in the UK governed by certain conditions. Most eu countries that follow vat will often have such procedures where vat amounts which have previously been paid may be reclaimed. If you’re a vat registered trader in the United Kingdom that does not have vat registration in the nation of origin then you can claim any vat paid in the country provided you meet a few other vat rules.
You can also claim vat paid in another eu country if you haven’t got relief through some other vat scheme. You will have to use a standard vat reclaiming form from the HM revenue and customs or hmrc vat website that looks after the customs, excise and vat department in the UK. On the other hand, since the reclaiming rules might differ in other countries, you’ll need the services of a specialist vat agent well-versed in uk vat and eu vat rules to successfully extract vat refunds in the relevant country. Your agent can act in your stead as soon as you let them have a power of attorney or even a letter or authority to do so.
It is possible to go for a vat reclaim no after 9 months in a year or so after you’ve paid the vat amount. You may first have to register your business name and also your agent?s name too in case you intend on reclaiming vat through your agent. You should use the hm vat refunds service that is a part of the vat online services provided by the hmrc vat website in order to reduce time and energy. As soon as you submit the necessary online vat form you will be issued an online reference number that will indicate that your request has been received by the vat refund department.
Although you will not need to send any paper documents, certain eu countries might ask for a scanned vat invoice to be attached to your vat refund request. Once you’ve sent your reclaiming request hmrc will be sending a confirmation about the same within 15 days while the concerned eu country will normally provide you with a vat refund within 4 months, if all of your documents are typically in proper order. In case any further information is required from that eu country you’ll be able to expect your vat reclaim to get settled after around 8 months of your original application.
To prevent the situation of double taxation, most eu countries which have adopted vat such as the UK offer vat refunds that may be claimed by following proper procedures and ultizing proper applications. You also can reclaim vat paid in any other eu country that follows vat by reclaiming vat back from that eu country by using the vat refund scheme.