If you operate a trading business in the united kingdom or other EU country and have imported services or goods that has already paid vat in the nation 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 decide to stake your claim for any vat reclaim.
Although tourists and certain other individuals can claim VAT or vat when they return back to their country simply by showing the original vat invoice displaying the vat rate and vat amount, businesses need to furnish a lot more details before they are able to qualify for a refund. In the event you too have imported services or goods originating from a vatcontrol.com member EU country into the UK and have already paid vat in that country then to prevent double taxation and lower your costs, you ought to surely have a vat refund. Even though you might not be able to directly deduct the vat amount as part of your next vat return, you may surely claim vat back from your country of origin provided you follow their vat rules.
If you’re not vat registered then you can utilize the vat online services provided 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 it would be better to appoint a vat agent that provides all vat services including applying for refunds and handling vat returns. You can now authorize your vat agent to submit your vat claims on your behalf. You can also appoint different vat agents in several countries and register them separately, particularly if you import goods and services from different countries.
You need to make sure that you retain all original documents of vat paid within the original country before you can claim vat back. You need to fill up the vat form for vat reclaim before 9 months in the next calendar year once you have paid the initial vat amount so that you can be eligible for a 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 that is coded in Polish language before it’s sent for any reclaim. In such a case, the local vat agent will be in a better position to understand the precise laws of each country.
Once you have submitted all relevant documents to claim vat back, then you should get the vat refund in the designated time period specified by the exact country. In the UK the timeframe is generally around 4 months when your own claim is processed and approved without any need for additional proof. You may receive your vat refund in any EU country that you want or perhaps the UK provided you’ve got a valid banking 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 the country.
If your business requires goods or services that have already paid vat in the country of origin before reaching the shores of one’s country where you have to pay vat again, you’ll be able to claim back the excess vat paid on them. A vat agent that is well versed in international and national vat rules will be able to help you towards claiming vat back without difficulty. For those who have just started trading internationally then you can claim vat back after vat registration and reduce your costs to a large degree.