4 Ways to Get Money Back on VAT

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4 Ways to Get Money Back on VAT

Value Added Tax or VAT is charged on many goods and services in the United Kingdom. Every year, millions of dollars of refundable sales taxes are left behind by tourists visiting Europe. The sad part is that they are not even aware of that they can get money back on VAT. Even if some are aware, more tend to believe that collecting the refund can be lots of headaches and it is simply not worth it. However, one should think again, especial if they have been doing an extensive shopping as VAT can be fairly easy to claim. Get in touch with a great tax professional to learn more. Contact us for a free introduction today.

Read on to learn about 4 easy ways to get your money back on VAT.

1. The standard Value-Added Tax can range from 15 to 25 percent per country. One should double-check the exact rates change with their merchant. You might be buying goods from Retailers who are part of the Retail Export Scheme, and you might be entitled to a VAT refund as an overseas visitor. It is always good to ask even if you are shopping at a boutique shop.

2. Ask for a VAT Refund Document and present the completed document to Customs along with the goods when you leave the country. Get the merchant fill out the necessary details which are called tax-free form. Just make sure that the paperwork is complete before you leave the store. There are some stores who can handle all that hassle for you. Look for the Tax-Free” stickers in the windows.

3. You can reclaim the VAT for any goods and services that you have bought for use in your business. It is most tax effective if you use a limited company structure. However, one is allowed to reclaim the business percentage of the VAT. For example, if you are self-employed and run the business from home, then you can reclaim a certain percentage f the VAT on your utility bills based on how much space your office covers in your home.

4. If you are investing in building property then you can reclaim the VAT money on the materials, supplies and services that you have paid for in order to complete your investment.

In order to get VAT refund, one can log online to their HM Revenue and Customs online account just like they do to file tax return online free. Look for any VAT refund and submitting your claim for the return. However, HMRC would need your account details and generally speaking, one can get their return within 10 days. Look for an experienced tax professional to know more about getting your VAT refunds.

If you would like to receive an introduction to the best tax expert to help you get back your money on VAT simply send a message now in the Live Chat and we’ll do our best to serve you today. Or complete the form below and press ‘Submit’ for a free callback.

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