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Make sure to make an application for vat claims to reclaim vat back


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As a vat registered trader in Britain like a number of other eu countries that have adopted VAT or value added tax, you should ensure to file for for vat claims to reclaim vat back. In case you have purchased goods or services where vat has already been charged, even in another eu country, you can certainly claim that vat amount to give a boost to your business cash-flow.

As a business you can claim vat back only on services and goods related to your organization and not for your personal use. This vat is referred to as vatcontrol.com/vat input tax by the HM Revenue and Customs or hmrc department that handles customs, excise and vat departments in the UK. You can reclaim vat charged regardless of the rates, be it the standard, reduced or zero rate. However, you will usually be unable to claim vat on vat exempt goods as well as certain exceptions.

Since the procedure for filing for vat refunds is fairly complex and time consuming, especially for goods or services imported from other eu countries, you should use the services of an expert vat agent that’s totally familiar with the most up-to-date uk vat and eu vat rules. Several agents charge you a fee based on the percentage of the vat reclaim amount after it has been approved and will not charge any fees in the event the claim doesn’t materialize. This facility should be accepted by you to avoid paying money out of your pocket to the agent since vat claims usually take between four to 8 months to come to a successful conclusion.

You will first have to register yourself online with the hmrc vat website if you wish to use all vat services offered by the department. Even if you wish to file a vat claim for vat paid in a foreign eu country, you still have to apply for vat reclaim with hmrc first and also provide all necessary vat documents including vat receipts so that your claim can 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 along with the original vat invoice, if desired by that country. If all of your documents are found to be in order in 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 changed into sterling pounds when you transfer it to your UK bank account.

Reclaiming vat can provide relief for your business by lowering costs and injecting vital funds into your business. If you regularly take part in industry events in member eu countries and pay vat in those countries, or import goods into the UK where vat has already been paid then you should opt for vat refunds since this move will lower the cost of your goods while allowing you to legally claim doubly paid tax back from the government.

Once you do turn into a vat registered trader in the UK then you should explore all legal ways to recover any tax which has previously been paid on goods or services used by your organization. You need not invest your own time or staff while making vat claims since a competent vat agent is capable of doing the same on your behalf and just collect fees when your refund claim is eligible.