While reclaiming vat ensure proper procedures are followed

If you have already paid vat on the goods or services more than once and want to receive 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 lower your costs and even get respite from the issue of double taxation over your services or goods.

Although you won’t be allowed to deduct the VAT amount of taxes straight from your next vat return, you will still be permitted to claim that amount in a separate vat refund scheme. This scheme is available in the United Kingdom subject to certain 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 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 a few 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 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 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 in your stead once you let them have a power of attorney or a letter or authority to accomplish this.

You can go for a vat reclaim no after 9 months within a calendar year after you’ve paid the vat amount. You will first need to register your organization name and also your agent?s name too in the event you intend on reclaiming vat through your agent. You need to use the hm vat refunds service that’s a part of the vat online services provided by the hmrc vat website so as 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 your request is received by the vat refund department.

Although you will not need to send any paper documents, certain eu countries might request a scanned vat invoice to be attached with your vat refund request. Once you have sent your reclaiming request hmrc will send you a confirmation about the same within 15 days even though the concerned eu country will usually provide you with a vat refund within 4 months, if all of your documents are typically in proper order. In case 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.

To prevent the problem of double taxation, most eu countries which have adopted vat such as the UK offer vat refunds that can be claimed by using proper procedures and using proper applications. You also 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.