While reclaiming vat ensure proper procedures are followed

When you have already paid vat on your goods or services more than once and would like to get the original amount back then while reclaiming vat ensure proper procedures are followed. You can use the vat refund scheme to get back vat that might have already been paid earlier in order to reduce your costs and even get respite from the problem of double taxation over your goods or services.

While you will not be allowed to deduct the VAT amount of taxes 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 United Kingdom governed by 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 are a vat registered trader in the United Kingdom that does not have vat registration in the nation of origin then you can claim any vat paid in that country provided you meet a few other vat rules.

You may also claim vat paid in another eu country if you have not got relief through some other vat scheme. You will have to make use of 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 United Kingdom. On the other hand, since the reclaiming rules might differ abroad, you might need the services of an expert vat agent well-versed in uk vat and eu vat rules to successfully extract vat refunds from the relevant country. Your agent can act on your behalf as soon as you let them have a power of attorney or even a letter or authority to do so.

It is possible to go in for a vat reclaim no after 9 months within a calendar year after you have paid the vat amount. You may 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 is a part of the vat online services provided by the hmrc vat website in order to reduce time and energy. Once you submit the required online vat form you will be issued an online reference number that may indicate that the request is received by the vat refund department.

While you will not need to send any paper documents, certain eu countries might request a scanned vat invoice to generally be attached with your vat refund request. Once you have sent your reclaiming request hmrc will send a confirmation regarding the same within 15 days while the concerned eu country will usually 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 be settled after around 8 months of your original application.

To prevent the situation of double taxation, most eu countries which have adopted vat such as the UK offer vat refunds that may be claimed by using proper procedures and ultizing proper applications. You too can claim back vat paid in any other eu country that follows vat by reclaiming vat back from that eu country when you use the vat refund scheme.