While reclaiming vat ensure proper procedures are followed

If you have already paid vat on your services or goods again and would like 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 that might already have been paid earlier in order to reduce your costs as well as get relief from the problem of double taxation over your services or goods.

Although you won’t be allowed to deduct the VAT amount of taxes straight from the next vat return, you still be allowed to claim 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 which have already been paid can be reclaimed. If you are a vat registered trader in the UK that doesn’t have vat registration in the nation of origin you’ll be able to 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 haven’t got relief through some other vat scheme. You will need to use 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. However, since reclaiming rules might differ in other countries, you’ll need the expertise 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.

You can go in for a vat reclaim no later than 9 months within a year or so after you’ve paid the vat amount. You will first need to register your business name and your agent?s name too in case you intend 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 a web based reference number that will indicate that your request is received by the vat refund department.

Although you will not need to send any paper documents, certain eu countries might request a scanned vat invoice to be attached with your vat refund request. Once you have sent your reclaiming request hmrc will be sending a confirmation about 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 the event any 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 the original application.

In order to avoid the situation of double taxation, most eu countries that have adopted vat including the UK offer vat refunds that may be claimed by using proper procedures and using proper applications. You also can reclaim vat paid in any other eu country that follows vat by reclaiming vat back from that eu country by using the vat refund scheme.