If you operate a trading business in the united kingdom or any other EU country and have imported goods or services which has already paid vat in the country 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 value added tax when they go back in order to their country simply by 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 reimbursement. If you too have imported services or goods www.vatregistrationnumber.com from a member EU country to the UK and have already paid vat in the country then to prevent double taxation and lower your costs, you ought to surely have a vat refund. Even though you might not be able 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 are not vat registered then you can certainly utilize the vat online services offered by HM customs and excise customs vat or visit the hmrc vat website to register your business 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 delivers all vat services including applying for refunds and handling vat returns. You can now authorize your vat agent to submit your vat claims on your behalf. 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 make sure that you retain all original documents of vat paid in the original country before you can 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 in order to be eligible for a a vat refund. However, this time around period varies in different countries. You need to to climb over language barriers between various EU countries while submitting your tax documents. For example, Poland stipulates that you just attach the faktura vat or tax invoice that is coded in Polish language before it’s sent for a reclaim. In such a case, a local vat agent would be in a stronger position to understand the specific laws for each country.
After you have submitted all relevant documents to claim vat back, then you should receive the vat refund in the designated time frame specified by the exact country. In the UK the timeframe is usually around 4 months if your claim is processed and approved without any need for additional proof. You can receive your vat refund in a EU country that you want or perhaps the UK provided you’ve got a valid banking account within 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.
If your business requires goods or services which have already paid vat in the country of origin before reaching the shores of your country in which you need to pay vat again, you’ll be able to reclaim 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. For those who have just started trading internationally you’ll be able to claim vat back after vat registration and lower your costs to a large degree.