You can reclaim vat to reduce the burden of double taxation

If you have already paid VAT in a foreign eu country and also have to pay extra for the same again in your own country then you can certainly reclaim vat to lower the load of double taxation. The entire process could be completed online, particularly if your vat registered business is situated in the UK where the HM revenue and customs or hmrc department offers several vat online services including the vat refund scheme which makes reclaiming vat easy.

In case you have purchased goods from another vat enabled country in the EU like Spain, Sweden, Hungary, Poland, Italy, Germany, etc in which you do not have a vat registered business and have already paid vat in the country of origin then you can and should claim that vat back. This can vatcontrol.com/vat not only reduce your product cost but also allow for vital funds to circulate back to your business. Even though the vat reclaiming process typically takes between four to 8 months to complete, you can simply appoint a vat agent that’s a specialist in eu vat and uk vat refund rules. This should help you to concentrate on your organization while your agent tries to reclaim vat on your behalf by using the online vat refund scheme.

Before you can post the first claim for vat, you will have to be a vat registered trader in the United Kingdom and will also have to sign up for vat refund with the hmrc. You’ll have maximum of 9 months after the end of the year or so to make your vat refund application. As you can easily fill out the online vat form to reclaim any previously paid vat, you will not need to fill out and dispatch any paperwork but should attach scanned copies of vat paid invoices for claims more than a stipulated amount. Some countries might also insist upon taking a look at original invoices which you may have to dispatch to get an effective refund. Again, your vat agent can assist you to complete all necessary formalities.

Many eu countries have their own version of a vat invoice and have different vat rates for a number of goods and services. For instance, Poland requires its vat registered traders to issue a faktura invoice or vat invoice. However, most eu countries provide some kind of vat refunds to avoid the problem of double taxation on goods and services. You cannot deduct the vat refund amount within your routine vat returns but will instead need to use the vat refund scheme for the very same. If you have made a vat reclaim within a eu country then you will usually receive the refund amount in their currency. You can either transfer the refund amount to an account in the country or directly arrange for the money to generally be received in your UK bank account by giving them the necessary details as well as your bank account number.

If you constantly have to import services or goods to the UK where vat was already paid then you should sign up for the vat refund scheme provided by the hmrc vat department. Once you successfully reclaim vat you’ll be able to accurately price your products and services while receiving a much needed financial injection in your business.