While reclaiming vat ensure proper procedures are followed

If you have already paid vat on your goods or services again and want to get the original amount back then while reclaiming vat ensure proper procedures are followed. You can use the vat refund scheme for getting back vat that might have already been paid earlier in order to lower your costs as well as get relief from the problem of double taxation over your goods or services.

Although you won’t be permitted to deduct the VAT tax amount straight from the next vat return, you still be permitted to claim that amount in a separate vat refund scheme. This scheme is available in the UK subject to certain terms and conditions. Most eu countries that follow vat will often have such procedures where vat amounts that have already been paid can be reclaimed. If you are a vat registered trader in the UK that does not have vat registration in the country 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 haven’t got relief through any 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 United Kingdom. However, since reclaiming rules might differ abroad, you might need the expertise of a specialist vat agent well-versed in uk vat and eu vat rules to successfully 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 even a letter or authority to accomplish this.

You can go for a vat reclaim no later than 9 months within a calendar year after you’ve paid the vat amount. You will first have 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 so as to reduce time and energy. Once you submit the required online vat form you’ll be issued an online 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 to your vat refund request. Once you’ve sent your reclaiming request hmrc will be sending you 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 your documents are typically in proper order. In case any further details are required from that eu country then you can expect your vat reclaim to get settled after around 8 months of your original application.

In order to avoid the situation of double taxation, most eu countries that have adopted vat such as the UK offer vat refunds that can be claimed by using proper procedures and ultizing proper applications. You too can claim back vat paid in almost any other eu country that follows vat by reclaiming vat back from that eu country by using the vat refund scheme.