Ensure that you file for vat claims to reclaim vat back

As a vat registered trader in the UK like many other eu countries that have adopted VAT or value added tax, you should ensure to file for vat claims to reclaim vat back. If you have purchased services or goods where vat was already 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 goods and services related to your business but not for your personal 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. You can reclaim vat charged http://vatverification.com regardless of the rates, whether it is the regular, reduced or zero rate. However, you can expect to not be able to claim vat on vat exempt goods as well as certain exceptions.

Considering that the procedure for filing for vat refunds is quite complex and time consuming, especially for goods or services imported from other eu countries, you should use the services of a professional vat agent that's totally acquainted 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 after it has been approved and will not charge any fees if ever the claim does not materialize. This facility should be accepted by you to avoid paying any money out of your pocket to your agent since vat claims usually take between four to 8 months to come to an effective conclusion.

You will 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 wish to file a vat claim for vat paid in a foreign eu country, you will still have to make an application for vat reclaim with hmrc first and in addition 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 also might also need to send additional documents like 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 changed into sterling pounds when you transfer it to your UK bank account.

Reclaiming vat provides relief to your business by lowering costs and injecting vital funds in your business. In the event you regularly take part 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 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.

When you do turn into a vat registered trader in the United Kingdom then you should explore all legal means to recover any tax which has already been paid on services or goods used by your organization. You need not invest your personal 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 approved.