While reclaiming vat ensure proper procedures are followed

If you have already paid vat on the services or goods more than once and want to receive the original amount back then while reclaiming vat ensure proper procedures are followed. You can use the vat refund scheme for getting back vat which may have already been paid earlier in order to lower your costs and even get respite from the issue of double taxation over your services or goods.

While you won’t be permitted to deduct the VAT tax amount straight from your next vat return, you still be allowed to claim that amount in a separate vat refund scheme. This scheme is available in the United Kingdom governed by certain conditions. Most eu countries that follow vat usually have such procedures where vat amounts which have already been paid may be reclaimed. If you are a vat registered trader in the UK that doesn’t have vat registration in the nation of origin then you can claim any vat paid in that country provided you meet a few other vat rules.

You may also claim vat paid in another eu country if you have not got relief through some other vat scheme. You will have to make use of a standard vat reclaiming form through the HM revenue and customs or hmrc vat website that looks after the customs, excise and vat department in the United Kingdom. On the other hand, since the reclaiming rules might differ in other countries, you might need the services of an expert vat agent well-versed in uk vat and eu vat rules to successfully extract vat refunds from the relevant country. Your agent can act in your stead once 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 later than 9 months in a year or so after you’ve paid the vat amount. You will first have to register your business name and your agent?s name too in case you plan on reclaiming vat through your agent. You need to use the hm vat refunds service that is a part of the vat online services provided by the hmrc vat website in order to reduce time and energy. Once you submit the necessary online vat form you will be issued an online reference number that will indicate that your 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 generally be attached to your vat refund request. Once you’ve sent your reclaiming request hmrc will be sending a confirmation regarding the same within 15 days while the concerned eu country will usually offer you a vat refund within 4 months, if all your documents are in proper order. In case further information is required from that eu country you’ll be able to expect your vat reclaim to get settled after around 8 months of your original application.

In order to avoid the problem of double taxation, most eu countries that have adopted vat such as the UK offer vat refunds that can be claimed by using proper procedures and ultizing proper applications. You also can reclaim 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.