If you run 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 country of origin you’ll be able to claim vat back after vat registration. However, you should study all different rules necessary for vat refund before you decide to stake your claim for any vat reclaim.
Although tourists and certain other individuals can claim VAT or vat when they return back in order to their own country simply by showing the original vat invoice displaying the vat rate and vat amount, businesses have to furnish a lot more details before they are able to qualify for reimbursement. If you too have imported services or goods from a www.vatcontrol.com member EU country to the UK and also have already paid vat in the country then to prevent double taxation and lower your costs, you ought to surely have a vat refund. Even though you may not be able to directly deduct the vat amount as part of your next vat return, you can 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 provided by HM customs and excise customs vat or visit the hmrc vat web site to register your business first. If you are not internet savvy or have trouble in comprehending vat rules then it could well be better to appoint a vat agent that provides 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 may also appoint different vat agents in different countries and register them separately, particularly if you import goods and services from different countries.
You should make sure that you retain all original documents of vat paid in the original country before you claim vat back. You should fill up the vat form for vat reclaim before 9 months within the next twelve months after you have paid the original vat amount so that you can be eligible for a 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 example, Poland stipulates that you just attach the faktura vat or tax invoice which is coded in Polish language before it’s sent for any reclaim. In such a case, the local vat agent would be in a stronger position to comprehend the precise laws for each country.
After you have submitted all relevant documents to assert vat back, then you should get the vat refund within the designated time frame specified by the specific country. In the UK the time period is usually around 4 months when your claim is processed and approved without any requirement for additional proof. You may receive your vat refund in a EU country that you want or perhaps britain provided you’ve got a valid banking account in the desired country. However, you should remember to submit proper documentation since any rejected vat claim will usually be looked with suspicion and handled strictly by the concerned vat authorities of that country.
In case your business requires services or goods that have already paid vat in the nation of origin before reaching the shores of one’s country in which you need to pay vat again, you’ll be able to reclaim the excess vat paid on them. A vat agent that’s well versed in international and national vat rules should be able to guide you towards claiming vat back without difficulty. If you have just started trading internationally then you can claim vat back after vat registration and lower your costs to a great extent.