While reclaiming vat ensure proper procedures are followed

 

If you have already paid vat on your services or goods more than once and would like to receive the original amount back then while reclaiming vat ensure proper procedures are followed. You may use the vat refund scheme to get back vat which may already have been paid earlier so as to lower your costs as well as get respite 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 your next vat return, you still be allowed to claim that amount in the separate vat refund scheme. This scheme is available in the UK subject to certain terms and conditions. Most eu countries that follow vat usually have such procedures where vat amounts that have previously been paid can be reclaimed. If you’re 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 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 have 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 United Kingdom. However, since the reclaiming rules might differ in other countries, you’ll need the services of a specialist vat agent well-versed in uk vat and eu vat rules to ensure that you extract vat refunds in the relevant country. Your agent can act on your behalf as soon as you provide them with a power of attorney or a letter or authority to do so.

It is possible to go in for a vat reclaim no after 9 months in a year or so after you’ve paid the vat amount. You may first need to register your organization name and your agent?s name too in the event you plan on reclaiming vat through your agent. You should use the hm vat refunds service that is a part of the vat online services offered by the hmrc vat website in order to reduce time and energy. Once you submit the required online vat form you’ll be issued an online reference number that may 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 request a scanned vat invoice to be attached with your vat refund request. Once you have sent your reclaiming request hmrc will send you 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 then you can expect your vat reclaim to get settled after around 8 months of the original application.

To prevent the problem of double taxation, most eu countries that have adopted vat such as the UK offer vat refunds that may be claimed by using proper procedures and using 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.