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 lower your costs and even get relief from the problem of double taxation over your goods or services.

Although you will not be allowed to deduct the VAT amount of taxes directly from the next vat return, you will still be permitted to claim that amount in the separate vat refund scheme. This scheme is available in the UK governed by certain conditions. Most eu countries that follow vat will often have such procedures where vat amounts which have already been paid may be reclaimed. If you are a vat registered trader in the United Kingdom that doesn’t have vat registration in the nation of origin then you can claim any vat paid in that 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 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 United Kingdom. On the other hand, since the reclaiming rules might differ in other countries, you might need the expertise of an expert vat agent well-versed in uk vat and eu vat rules to ensure that you extract vat refunds in the relevant country. Your agent can act in your stead as soon as you let them have a power of attorney or a letter or authority to do so.

It is possible to 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 business name and your agent?s name too in the event you plan on reclaiming vat using your agent. You should use the hm vat refunds service that is a part of the vat online services provided by the hmrc vat website in order to save on time and energy. As soon as you submit the necessary online vat form you will be issued an online reference number that may indicate that the 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 to 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 normally offer you a vat refund within 4 months, if all of your documents are in proper order. In the event further details are required from that eu country you’ll be able to expect your vat reclaim to be settled after around 8 months of the 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 may be claimed by using proper procedures and using proper applications. You too 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.