Being a vat registered trader in the UK as in many other eu countries that have adopted VAT or value added tax, you should make sure to file for for vat claims to reclaim vat back. If you have purchased services or goods where vat vatcheck.com/vat has already been charged, even in another eu country, you can certainly claim that vat amount to provide a boost to your business cash-flow.
As being a business you are able to claim vat back only on services and goods related to your business but not with regards to your use. This vat is known as input tax by the HM Revenue and Customs or hmrc department that handles customs, excise and vat departments in Britain. You can reclaim vat charged regardless of the rates, be it the standard, reduced or zero rate. However, you can expect to not be able to claim vat on vat exempt goods apart from certain exceptions.
Considering that the process of filing for vat refunds is quite complex and time consuming, particularly for services or goods imported from other eu countries, you should use the assistance of an expert vat agent that’s totally familiar with the most up-to-date uk vat and eu vat rules. Several agents will charge a fee based on the amount of the vat reclaim amount once it has been approved and won’t charge any fees in the event the claim does not materialize. This facility should be accepted by you to avoid paying any money from your pocket to your agent since vat claims usually take between four to 8 months to get to a successful conclusion.
You will first have to register yourself online at the hmrc vat website if you want to use all vat services offered by the department. Even though you want to file a vat claim for vat paid in a foreign eu country, you still have to make an application for vat reclaim with hmrc first and also provide all necessary vat documents including vat receipts so that your claim may be processed further. Hmrc will forward the application to the mentioned country and you may additionally need to send additional documents such as your vat certificate together with the original vat invoice, if desired by that country. If all your documents are found to be in order at the first attempt itself, you could receive your vat refund within 4 months, albeit in the currency of the foreign eu country, which may be converted into sterling pounds whenever you transfer it to your UK banking account.
Reclaiming vat provides relief to your business by lowering costs and injecting vital funds into your business. In the event you regularly take part in industry events in member eu countries and pay vat in those countries, or import goods to the UK where vat was already paid then you should go for vat refunds as this move will lower the price of your goods while enabling you to legally claim doubly paid tax back from the government.
Once you do turn into a vat registered trader in the United Kingdom then you should explore all legal means to recover any tax that has previously been paid on services or goods utilized by your organization. You don’t need to invest your own time or staff while making vat claims since a capable vat agent can do precisely the same on your behalf and just collect fees whenever your refund claim is approved.