When you have already paid vat on your goods or services again and would like 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 so as to reduce your costs as well as get relief from the problem of double taxation over your goods or services.
Although you won’t be allowed to deduct the http://vatnumbers.com amount of taxes directly 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 already been paid can be reclaimed. If you’re 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 the country provided you meet a few 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 need 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 UK. However, 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 ensure that you extract vat refunds in the relevant country. Your agent can act in your stead once 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 after 9 months within a calendar year after you’ve paid the vat amount. You may first have to register your business 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 in order to reduce time and effort. As soon as you submit the necessary online vat form you will be issued an online reference number that may indicate that your 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’ve sent your reclaiming request hmrc will send you a confirmation about the same within 15 days while 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 case 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 that have adopted vat such as the UK offer vat refunds that can be claimed by following proper procedures and using 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.