While reclaiming vat ensure proper procedures are followed

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

While you won’t be permitted to deduct the VAT tax amount straight from the next vat return, you will 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 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 country of origin then you can claim any vat paid in the country provided you meet some 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 use a standard vat reclaiming form through the HM revenue and customs or hmrc vat website that looks after the customs, excise and vat department in the UK. On the other hand, since reclaiming rules might differ in other countries, you’ll need the expertise of an expert vat agent well-versed in uk vat and eu vat rules to successfully extract vat refunds in the relevant country. Your agent can act in your stead as soon as you provide them with a power of attorney or a letter or authority to do so.

You can go for a vat reclaim no later than 9 months in a year or so after you’ve paid the vat amount. You will first need to register your business name and also your agent?s name too in the event you plan on reclaiming vat through your agent. You need to use the hm vat refunds service that’s a part of the vat online services offered by the hmrc vat website in order to reduce time and energy. Once you submit the necessary online vat form you will be issued a web based 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 be attached to your vat refund request. Once you’ve sent your reclaiming request hmrc will send you a confirmation about the same within 15 days even though the concerned eu country will normally provide you with a vat refund within 4 months, if all your documents are typically in proper order. In the event any further details are required from that eu country then you can expect your vat reclaim to be settled after around 8 months of your original application.

In order to avoid the problem of double taxation, most eu countries which have adopted vat including the UK offer vat refunds that may be claimed by following proper procedures and ultizing proper applications. You also can reclaim vat paid in any other eu country that follows vat by reclaiming vat back from that eu country by using the vat refund scheme.