While reclaiming vat ensure proper procedures are followed

 

If you have already paid vat on your goods or services again and want to receive the original amount back then while reclaiming vat ensure proper procedures are followed. You can 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 problem of double taxation over your goods or services.

While you won’t be permitted to deduct the VAT tax amount directly 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 United Kingdom subject to 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’re a vat registered trader in the UK that does not have vat registration in the nation of origin then you can claim any vat paid in the country provided you meet some 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 need to make use of 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 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 let them have a power of attorney or a letter or authority to accomplish this.

You can go for a vat reclaim no later than 9 months within a year or so after you have paid the vat amount. You will first have to register your organization name and also your agent?s name too in the event you intend on reclaiming vat through your agent. You should use the hm vat refunds service that’s a part of the vat online services provided by the hmrc vat website in order to reduce time and energy. Once you submit the required online vat form you’ll be issued a web based 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 generally be attached with your vat refund request. Once you have sent your reclaiming request hmrc will be sending a confirmation regarding the same within 15 days even though the concerned eu country will normally offer you a vat refund within 4 months, if all of your documents are typically in proper order. In the event any further information is required from that eu country then you can expect your vat reclaim to get settled after around 8 months of your original application.

To prevent the situation of double taxation, most eu countries which have adopted vat including the UK offer vat refunds that can be claimed by following 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.