While reclaiming vat ensure proper procedures are followed

When you have already paid vat on your goods or services again and want 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 so as to reduce your costs and even get relief from the issue of double taxation over your services or goods.

While you won’t be permitted to deduct the vatnumbers amount of taxes directly from the next vat return, you still be permitted to claim that amount in the 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 may be reclaimed. If you’re a vat registered trader in the United Kingdom that does not have vat registration in the country of origin then you can claim any vat paid in that 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 any other vat scheme. You will need 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 a specialist vat agent well-versed in uk vat and eu vat rules to ensure that you extract vat refunds from 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.

It is possible to go in for a vat reclaim no later than 9 months in a calendar year after you’ve paid the vat amount. You will first have to register your organization name and also your agent?s name too in case you plan on reclaiming vat using your agent. You should use the hm vat refunds service that’s a part of the vat online services provided by the hmrc vat website so as to save on time and energy. Once you submit the necessary online vat form you will be issued an online reference number that may indicate that the request is received by the vat refund department.

Although you will not need to send any paper documents, certain eu countries might ask for a scanned vat invoice to be attached to your vat refund request. Once you’ve sent your reclaiming request hmrc will be sending a confirmation regarding the same within 15 days even though the concerned eu country will usually provide you with a vat refund within 4 months, if all your documents are in proper order. In the event further information is required from that eu country you’ll be able to expect your vat reclaim to be settled after around 8 months of your original application.

In order to avoid the situation of double taxation, most eu countries that have adopted vat including the UK offer vat refunds that may be claimed by following proper procedures and ultizing 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.