If you run a trading business in the UK or any other EU country and have imported goods or services which has already paid vat in the country of origin you’ll be able to claim vat back after vat registration. However, you should study many 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 vat when they return back in order to their own country by simply showing the initial https://vatcheck.com/vat vat invoice displaying the vat rate and vat amount, businesses have to furnish a lot more details before they are able to qualify for reimbursement. 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 the country then to prevent double taxation and lower your costs, you should surely apply for a vat refund. Even though you may not be in a position to directly deduct the vat amount in your next vat return, you may surely claim vat back from the 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 go to the hmrc vat website to register your business first. If you’re 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 obtaining refunds and handling vat returns. Now you can authorize your vat agent to submit your vat claims in your stead. You can also appoint different vat agents in several 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 up the vat form for vat reclaim before 9 months within the next twelve months after 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 need to 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’s sent for a reclaim. When this happens, the local vat agent would be in a stronger position to comprehend the precise laws for each country.
After you have submitted all relevant documents to claim vat back, then you should receive the vat refund within the designated time period specified by the specific country. In great britan the time period is generally around 4 months if your own claim is processed and approved without any requirement for additional proof. You can receive your vat refund in a EU country that you want or perhaps britain provided you have a valid bank account within the desired country. However, you should remember 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 goods or services that have already paid vat in the nation of origin before reaching the shores of one’s country where you need to pay vat again, you’ll be able to reclaim the excess vat paid on them. A vat agent that’s well versed 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 then you can claim vat back after vat registration and reduce your costs to a great extent.