While reclaiming vat ensure proper procedures are followed

If you have already paid vat on your goods or services more than once 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 which may have already been paid earlier so as to lower your costs as well as get relief from the issue of double taxation over your goods or services.

Although you won’t be permitted to deduct the VAT amount of taxes straight from the next vat return, you still be allowed to state that amount in the separate vat refund scheme. This scheme is available in the UK governed by certain terms and conditions. Most eu countries that follow vat usually have such procedures where vat amounts that have already been paid may be reclaimed. If you are a vat registered trader in the UK that does not have vat registration in the country 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 have not 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. However, 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 provide them with a power of attorney or a letter or authority to accomplish this.

It is possible to go for a vat reclaim no after 9 months within a year or so after you have paid the vat amount. You will first need to register your business name and your agent?s name too in the event you intend on reclaiming vat through your agent. You need to use the hm vat refunds service that’s a part of the vat online services provided by the hmrc vat website so as to reduce time and energy. Once you submit the necessary online vat form you’ll be issued an online reference number that will indicate that the 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 you a confirmation regarding the same within 15 days while the concerned eu country will usually provide you with a vat refund within 4 months, if all your documents are typically in proper order. In case any further details are required from that eu country you’ll be able to expect your vat reclaim to be settled after around 8 months of your original application.

To prevent the problem of double taxation, most eu countries which have adopted vat including the UK offer vat refunds that can be claimed by using proper procedures and ultizing proper applications. You too can claim back vat paid in almost any other eu country that follows vat by reclaiming vat back from that eu country when you use the vat refund scheme.