While reclaiming vat ensure proper procedures are followed

If you have already paid vat on your goods or services more than once and want to get the original amount back then while reclaiming vat ensure proper procedures are followed. You may use the vat refund scheme for getting back vat which may have already been paid earlier so as to lower your costs and even get respite from the issue of double taxation over your goods or services.

While you won’t be allowed to deduct the VAT tax amount directly from the next vat return, you will still be allowed to claim that amount in the separate vat refund scheme. This scheme is available in the UK subject to certain terms and conditions. Most eu countries that follow vat usually have such procedures where vat amounts that have already been paid may be reclaimed. If you’re a vat registered trader in the UK 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 a few other vat rules.

You may also claim vat paid in another eu country if you have not got relief through some other vat scheme. You will need to make use of a standard vat reclaiming form from 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 ensure that you extract vat refunds from the relevant country. Your agent can act on your behalf as soon as you provide them with a power of attorney or even a letter or authority to do so.

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

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

In order to avoid the problem of double taxation, most eu countries which have adopted vat such as the UK offer vat refunds that may 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.