While reclaiming vat ensure proper procedures are followed

When you have already paid vat on the goods or services again and want to get 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 as well as get respite from the problem of double taxation over your goods or services.

Although you won’t be allowed to deduct the VAT tax amount directly from the next vat return, you will still be permitted to state 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 usually have such procedures where vat amounts which have previously been paid may be reclaimed. If you’re a vat registered trader in the UK 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 may also claim vat paid in another eu country if you have not got relief through any 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’ll need the services of a specialist vat agent well-versed in uk vat and eu vat rules to ensure that you extract vat refunds in the relevant country. Your agent can act on your behalf as soon as you provide them with a power of attorney or a letter or authority to accomplish this.

It is possible to go in for a vat reclaim no later than 9 months within a calendar year after you have 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 through your agent. You should use the hm vat refunds service that is a part of the vat online services offered by the hmrc vat website in order to save on time and effort. Once you submit the required online vat form you will be issued an online 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 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 you a confirmation regarding the same within 15 days even though the concerned eu country will normally provide you with a vat refund within 4 months, if all your documents are typically in proper order. In the event further information is required from that eu country then you can expect your vat reclaim to get settled after around 8 months of your original application.

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