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 may use the vat refund scheme to get back vat that might have already been paid earlier in order to reduce your costs and even get respite from the problem of double taxation over your goods or services.
While you will not be allowed to deduct the https://vatnumbers.com tax amount directly from the next vat return, you still be allowed to state that amount in a 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 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 you’ll be able to 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. However, since reclaiming rules might differ in other countries, you might need the services of an expert vat agent well-versed in uk vat and eu vat rules to successfully extract vat refunds in the relevant country. Your agent can act on your behalf once you provide them with 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 year or so after you have paid the vat amount. You will first need to register your business name and your agent?s name too in the event you plan 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 effort. Once you submit the required online vat form you’ll be issued a web based reference number that may 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 be sending a confirmation regarding the same within 15 days even though the concerned eu country will normally offer you 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 the original application.
To prevent the situation 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 reclaim 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.