In case you have already paid VAT inside a foreign eu country and also have to pay extra for the same again in your own country then you can certainly reclaim vat to reduce the load of double www.checkvatnumber.com taxation. The whole process could be completed online, particularly if your vat registered organization is located in the UK where the HM revenue and customs or hmrc department offers several vat online services such as the vat refund scheme which makes reclaiming vat an easy process.
If you have purchased goods from another vat enabled country in the European Union like Spain, Sweden, Hungary, Poland, Italy, Germany, etc where you do not have a vat registered business and have already paid vat in the country of origin then you can certainly and must claim that vat back. This can not only lower product cost but will also enable vital funds to flow back to your organization. Even though the vat reclaiming process typically takes between four to eight months to complete, you can easily appoint a vat agent that is a specialist in eu vat and uk vat refund rules. This will help you to concentrate on your business while your agent attempts to reclaim vat on your behalf by using the online vat refund scheme.
Before you post the first claim for vat, you will need to be a vat registered trader in the United Kingdom and will need to sign up for vat refund with the hmrc. You’ll have maximum of 9 months after the end of a year or so for making your vat refund application. Since you can simply fill out the web based vat form to reclaim any previously paid vat, you will not need to fill out and dispatch any paperwork but might need to attach scanned copies of vat paid invoices for claims more than a stipulated amount. Some countries might also insist upon taking a look at original invoices which you may have to dispatch in order to get an effective refund. Again, your vat agent can help you to complete all necessary formalities.
Many eu countries have their own version of the vat invoice and also have different vat rates for various goods and services. For example, Poland requires its vat registered traders to issue a faktura invoice or vat invoice. However, most eu countries provide some kind of vat refunds to prevent the problem of double taxation on products or services. You simply can’t deduct the vat refund amount within your routine vat returns but will instead need to use the vat refund scheme for the very same. If you have made a vat reclaim in a eu country then you’ll usually get the refund amount in their currency. You may either transfer the refund figure to a merchant account in that country or directly arrange for the money to generally be received in your UK banking account by giving them the required details including your banking account number.
If you constantly need to import goods or services to the UK where vat was already paid you then should register for the vat refund scheme provided by the hmrc vat department. Once you successfully reclaim vat then you can accurately price your items and services while receiving a necessary financial injection in your business.
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