If you run a trading business in the UK or any other EU country and also have imported services or goods that has already paid vat in the country of origin then you can claim vat back after vat registration. However, you should study many different rules necessary for vat refund before you stake your claim for a vat reclaim.
Although tourists and certain other people can claim VAT or vat once they return back to their own country simply by showing the original vat invoice displaying the vat rate and vat amount, businesses have to furnish a lot more details before they can qualify for a refund. If you too have imported services or goods vatregistrationnumber.com from a member EU country to the UK and also have already paid vat in that country then in order to avoid double taxation and lower your costs, you should surely apply for a vat refund. Although you might not be able to directly deduct the vat amount as part of your next vat return, you can surely claim vat back from the country of origin provided you follow their vat rules.
If you’re not vat registered then you can use the vat online services offered by HM customs and excise customs vat or visit the hmrc vat website to register your organization first. If you are not internet savvy or have trouble in comprehending vat rules then it could well be better to appoint a vat agent that provides all vat services including applying for 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, especially if you import services and goods from different countries.
You should make sure that you retain all original documents of vat paid in the original country before you can claim vat back. You need to fill the vat form for vat reclaim before 9 months within the next twelve months once you have paid the original vat amount so that you can be eligible for a a vat refund. However, this time period varies in different countries. You need to to climb over language barriers between various EU countries while submitting your tax documents. For instance, Poland stipulates that you attach the faktura vat or tax invoice that is coded in Polish language before it is sent for any reclaim. When this happens, the local vat agent will be in a better position to comprehend the precise laws for each country.
Once 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 specific country. In great britan the timeframe is generally 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 desire or even in britain provided you have a valid bank account within the desired country. However, remember that to submit proper documentation since any rejected vat claim will usually be looked with suspicion and handled strictly by the concerned vat authorities of the country.
If your business requires services or goods which have already paid vat in the country of origin before reaching the shores of one’s country in which you have to pay vat again, you’ll be able to claim back the extra vat paid on them. A vat agent that’s well versed in international and national vat rules should be able to help you towards claiming vat back without difficulty. If you have just started trading internationally you’ll be able to claim vat back after vat registration and reduce your costs to a great extent.