Submitted by Sestini & Co
| on Thu, 08/29/2013 - 15:46 | In Uncategorized
If your business has incurred VAT in other EU member states, you should now be thinking about making a claim under the EU VAT refund provisions. VAT incurred during 2012 must be claimed by 30 September 2013 or will be lost.
You can claim if you:
- are VAT registered in the UK;
- are not established in the member state of refund
- are not registered, required to be registered or eligible to be registered in the member state of refund, and
- do not make supplies there other than transport services or those where the VAT is required to be accounted for by the customer.
The claims are submitted online to www.hmrc.gov.uk and will be forwarded by HMRC to the member state of refund to be repaid subject to that member state’s input tax rules. Claims covering the whole of the calendar year, or the remainder of the year where some claims have already been made, can be made for sums of €50 or more.
Businesses incurring significant EU VAT can ease cash-flow by recovering the VAT throughout the year as it is incurred as long as each claim submitted covers a refund period of at least three months and is for a minimum amount of €400.
If you would like more information on this or any other matter, do contact us on firstname.lastname@example.org or call on 01761 241 861.