Ensure that you make an application for vat claims to reclaim vat back

As a vat registered trader in the UK like many other eu countries that have adopted VAT or value added tax, you should make sure to file for for vat claims to reclaim vat back. If you have purchased goods or services where vat has already been charged, even in another eu country, you are able to certainly claim that vat amount to give a boost to the business cash-flow.

As a business you are able to claim vat back only on services and goods related to your business and not with regards to your use. This vat is known as vatcontrol.com/vat input tax by the HM Revenue and Customs or hmrc department that handles customs, excise and vat departments in the UK. You can reclaim vat charged irrespective of the rates, be it the standard, reduced or zero rate. However, you will usually be unable to claim vat on vat exempt goods as well as certain exceptions.

Considering that the process of filing for vat refunds is quite complex and time-consuming, especially for services or goods imported from other eu countries, you should use the services of a professional vat agent that is totally familiar with the most up-to-date uk vat and eu vat rules. Several agents charge you a fee based on the percentage of the vat reclaim amount after it has been approved and won’t charge any fees in the event the claim doesn’t materialize. This facility should be accepted by you to not pay any money out of your pocket to your agent since vat claims usually take between four to eight months to get to a successful conclusion.

You will first have to register yourself online at the hmrc vat website if you wish to use all vat services offered by the department. Even if you wish to file a vat claim for vat paid in a foreign eu country, you still need to apply for vat reclaim with hmrc first and also provide all necessary vat documents including vat receipts so that your claim may be processed further. Hmrc will forward the application to the mentioned country and you might also need to send additional documents such as your vat certificate along with the original vat invoice, if desired by that country. If all your documents are found to be in order at the first attempt itself, you could receive your vat refund within 4 months, albeit in the currency of the foreign eu country, which can be changed into sterling pounds when you transfer it to your UK banking account.

Reclaiming vat provides relief for your business by lowering costs and injecting vital funds in your business. In the event you regularly participate in industry events in member eu countries and pay vat in those countries, or import goods into the UK where vat was already paid then you should go for vat refunds as this move will lower the cost of your goods while enabling you to legally claim doubly paid tax back from the government.

When you do turn into a vat registered trader in the United Kingdom then you should explore all legal ways to recover any tax that has already been paid on goods or services used by your business. You don’t need to invest your personal time or staff while making vat claims since a capable vat agent can do precisely the same for you and just collect fees whenever your refund claim is approved.