As a vat registered trader in Britain like a number of other eu countries that have adopted VAT or value added tax, you should make sure to file 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 are able to certainly claim that vat amount to give a boost to your business cash-flow.
As a business you are able to claim vat back only on services and goods linked 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 the UK. It is possible to reclaim vat charged regardless of the rates, whether it is the standard, reduced or zero rate. However, you can expect to be unable to claim vat on vat exempt goods as well as certain exceptions.
Since the procedure for filing for vat refunds is quite complex and time-consuming, especially for services or goods imported from other eu countries, you should utilize the assistance of an expert vat agent that's totally familiar with the latest uk vat and eu vat rules. Several agents will charge a fee based on a percentage of the vat reclaim amount once it has been approved and will not charge any fees if the claim doesn't materialize. This facility should be accepted by you to avoid paying money from your pocket to the agent since vat claims usually take between four to eight months to get to a successful conclusion.
You may first need to register yourself online with the hmrc vat website if you want to use all vat services provided by the department. Even though you want to file a vat claim for vat paid in a foreign eu country, you still need 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 also may additionally need to send additional documents such as your vat certificate along 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 can be converted into sterling pounds when you transfer it to your UK banking account.
Reclaiming vat can provide relief to your business by lowering costs and injecting vital funds into your business. If you regularly participate in trade shows in member eu countries and pay vat in those countries, or import goods to the UK where vat was already paid then you certainly 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.
When you do turn into a vat registered trader in the UK then you should explore all legal means to recover any tax that has previously been paid on goods or services utilized by your business. You need not invest your own time or staff while making vat claims since a capable vat agent is capable of doing precisely the same for you and just collect fees when your refund claim is eligible.