If you operate a trading business in the united kingdom or other EU country and have imported goods or services which has already paid vat in the nation of origin then you can claim vat back after vat registration. However, you should study all 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 once 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 need to furnish many more details before they can qualify for reimbursement. If you too have imported goods or services originating from a member EU country to the UK and have already paid vat in the 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 able to directly deduct the vat amount in your next vat return, you can surely claim vat back from your country of origin provided you follow their vat rules.
If you’re not vat registered then you can certainly utilize the vat online services provided by HM customs and excise customs vat or go to the hmrc vat website to register your business first. If you are not internet savvy or have trouble in comprehending vat rules then it could well 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 can also appoint different vat agents in several countries and register them separately, particularly if you import goods and services from different countries.
You need to ensure that you retain all original documents of vat paid within the original country before you can claim vat back. You should fill the vat form for vat reclaim before 9 months in the next twelve months once you have paid the original vat amount in order to be eligible for a a vat refund. However, this time 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 attach the faktura vat or tax invoice which is written in Polish language before it’s sent for any reclaim. When this happens, a local vat agent would be in a stronger position to understand the specific laws of each country.
Once you have submitted all relevant documents to assert vat back, then you should get the vat refund within the designated time period specified by the specific country. In the UK the time period is usually around 4 months when your own claim is processed and approved without any need for additional proof. You can receive your vat refund in a EU country that you desire or even in britain provided you’ve got 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 the country.
If your business requires goods or services that have already paid vat in the country of origin before reaching the shores of one’s country in which you have to pay vat again, you’ll be able to claim back the excess 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 then you can claim vat back after vat registration and lower your costs to some great extent.