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Claiming vat back can improve your business income


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If you are a vat registered trader in Britain you would then need to pay vat on many services and goods but did you know that claiming vat back can enhance your business income? If you have already paid vat once on any goods or services required for your company or paid vat on it even in another eu country then you can definitely submit an application for a vat refund.

Most eu countries have adopted the system of vat or value added tax on movement of goods and services as a way of collecting more revenue and plugging tax leaks. Great Britain too has moved to vat and when you run a business in Britain then you will have to apply for vat registration when your last Twelve month sales turnover touches ?70,000. Being a vat registered trader you will need to pay and collect vat on all purchases and sales in connection with your company depending on the www.vatcontrol.com classification of those products or services according to the HM Revenue and Customs or hmrc vat department.

However, in order to avoid double taxation on such goods and services, the hmrc department has established vat rules that will permit you to claim vat back on any goods or services purchased for your business. This amount can be recovered even though you have paid that vat in another eu country that follows vat, provided you are able to show documentary proof that includes the vat invoice or vat receipt. If you have imported goods into the UK after paying vat in the nation of origin or have attended a trade fair inside a foreign eu country where vat is charged to you then these can be claimed back after you fill the necessary vat reclaim form.

You need to hire a proficient vat agent with complete understanding of uk vat and eu vat rules so that your vat refund claim is passed in the shortest time possible. You’ll have a time limit of 9 months after the end of the year or so once you had first paid your vat on those services or goods. You may use several online vat services provided by hmrc vat including filing online claims for vat refunds. You will have to register on the hmrc website before you fill the required online vat form for vat reclaim. The form will then be forwarded to the member eu country where you might have paid vat initially, along with scans of vat invoices that you might need to affix to your application.

Once you receive a confirmation usually within 15 days of receipt of the refund claim, it will take around 4 months for your claim to be approved from that member country before you can get your vat back. In case any additional clarification or documents are required then you should expect a delay of 4 more months and hence it is vital to get it right the first time itself. Your vat refund can be deposited in a banking account which you specify within or outside Britain. However, this amount will be in the currency of the country of origin and will need to be changed into sterling pounds prior to it being transferred into your UK bank account.

Even though the process to reclaim vat back is a bit tedious, an efficient vat agent can apply for vat refunds on your behalf and notify you on the status of your applications. The reality is that claiming vat back can certainly improve your business income by pumping back that double-taxed amount directly into your company.