If you operate a trading business in the united kingdom or any other EU country and have imported services or goods which has already paid vat in the nation of origin then you can claim vat back after vat registration. However, you should study many different rules required for vat refund before you decide to stake your claim for a vat reclaim.
Although tourists and certain other individuals can claim VAT or vat once they return back to their own country by simply showing the initial vatcheck.com/vat vat invoice displaying the vat rate and vat amount, businesses need to furnish a lot more details before they are able to be eligible for a a refund. If you too have imported services or goods originating from a member EU country to the UK and have already paid vat in the country then in order to avoid double taxation and lower your costs, you ought to surely have a vat refund. Although you may not be able to directly deduct the vat amount as part of your next vat return, you may surely claim vat back from the country of origin provided you follow their vat rules.
If you are not vat registered then you can certainly utilize the vat online services offered by HM customs and excise customs vat or go to the hmrc vat website to register your business first. If you’re not internet savvy or have trouble in comprehending vat rules it could well be better to appoint a vat agent that delivers all vat services including obtaining refunds and handling vat returns. You can now authorize your vat agent to submit your vat claims in your stead. You can also appoint different vat agents in different countries and register them separately, especially if you import services and goods from different countries.
You should make sure that you retain all original documents of vat paid within the original country before you claim vat back. You need to fill up the vat form for vat reclaim before 9 months within the next twelve months once you have paid the original vat amount in order to qualify for a vat refund. However, this time around period varies in different countries. You might also need to climb over language barriers between various EU countries while submitting your tax documents. For instance, Poland stipulates that you attach the faktura vat or tax invoice that is written in Polish language before it is sent for a reclaim. In such a case, the local vat agent will be in a stronger position to understand the specific laws of each country.
After you have submitted all relevant documents to claim vat back, then you should get the vat refund within the designated time frame specified by the specific country. In the UK the timeframe is usually around 4 months if your own claim is processed and approved without the requirement for additional proof. You can receive your vat refund in a EU country that you desire or perhaps britain provided you have a valid banking account within the desired country. However, remember that to submit proper documentation since any rejected vat claim will usually be looked with suspicion and handled strictly by the concerned vat authorities of the country.
In case your business requires goods or services that have already paid vat in the nation of origin before reaching the shores of your country where you need to pay vat again, you’ll be able to reclaim the excess vat paid on them. A vat agent that’s amply trained in international and national vat rules will be able to help you towards claiming vat back with ease. For those who have just started trading internationally then you can claim vat back after vat registration and lower your costs to some great extent.
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