In case you run a trading business in the united kingdom or other EU country and have imported goods or services 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 all different rules necessary for vat refund before you decide to stake your claim for any vat reclaim.
Although tourists and certain other individuals can claim VAT or value added tax when they go back in order to their country by simply showing the initial vat invoice displaying the vat rate and vat amount, businesses have to furnish many more details before they are able to be eligible for a reimbursement. If you too have imported goods or services from a https://vatcontrol.com member EU country to the UK and also have already paid vat in that country then to prevent double taxation and reduce your costs, you ought to surely apply for a vat refund. Even though you might not be in a position 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’re 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 website to register your organization first. If you are not internet savvy or have trouble in comprehending vat rules then it would 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 can also appoint different vat agents in different countries and register them separately, especially 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 can claim vat back. You need to 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 be eligible for a 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 example, Poland stipulates that you attach the faktura vat or tax invoice which is coded in Polish language before it is sent for any reclaim. In such a case, the local vat agent will be in a very better position to understand the specific laws of each country.
Once 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 specific country. In great britan the timeframe is usually around 4 months if your own 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 britain provided you have a valid bank 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 that country.
If 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 have 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 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 large degree.