In case 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 you’ll be able to claim vat back after vat registration. However, it is important to 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 go back to their own country by simply showing the initial vat invoice displaying the vat rate and vat amount, businesses need to furnish a lot more details before they are able to be eligible for a a refund. In the event you too have imported goods or services http://vatregistrationnumber.com originating from a member EU country to the UK and also have already paid vat in the country then to prevent double taxation and lower your costs, you ought to surely have a vat refund. Although 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 are not vat registered then you can utilize the vat online services offered by HM customs and excise customs vat or visit the hmrc vat web site to register your business first. If you’re not internet savvy or have trouble in comprehending vat rules it would be better to appoint a vat agent that provides all vat services including obtaining refunds and handling vat returns. Now you can authorize your vat agent to submit your vat claims in your stead. You can also appoint different vat agents in several countries and register them separately, particularly if you import services and goods from different countries.
You need to ensure that you retain all original documents of vat paid in the original country before you 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 qualify for 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 which is written in Polish language before it is sent for any reclaim. When this happens, the local vat agent would be in a very stronger position to understand the precise laws for each country.
After 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 exact country. In great britan the time period is usually around 4 months when your claim is processed and approved without any requirement for additional proof. You may receive your vat refund in any EU country that you want or even in the UK provided you have a valid bank account in the desired country. However, remember that 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 that country.
In case your business requires services or goods which have already paid vat in the nation of origin before reaching the shores of your country in which you need to pay vat again, you’ll be able to claim back the extra vat paid on them. A vat agent that is amply trained in international and national vat rules should be able to help you towards claiming vat back with ease. 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.