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Things you need to know About Reclaimable VAT

Posted by : Premraj | Posted on : Sunday, February 18, 2018

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There are so many people out there who don’t know much about the tax paid on items purchased from shops or other business places. More precisely, they don’t have much clue that the extra amount paid on these taxable items can be gotten back, or at least part of it, in some instances.

That’s what reclaimable vat is all about. You might be interested in digging deeper to know more about this money-saving trick. Here are some things to keep in mind:

When to Place a VAT Claim

The first trick when going about a tax reclaim is to find out exactly what items qualify into the list of the tax refundable. For example, you can’t claim a tax refund on something you bought at a garage sale. You need to do your research and find out what can and what can’t be reclaimed. First of all, you have to be registered for VAT. No shortcuts.

When you do your research, you find that you can claim a tax refund on stuff like car rentals, building a new home, buying electronics while on international travel, filling gas, and hotel food and accommodation.  That’s just the short list. However, you’ll also realize that the list and terms of refund vary from country to country.

You Need Those Documents

When you send your application for your reclaimable vat you send it along with all the evidence you hold to prove that you have indeed spent on those items or services. One thing you MUST do is send the original copies of the invoices, receipts, bills, credit notes, and any other paperwork showing that you made a transaction. That’s why you need to keep such paperwork in good order.

You must make sure the names of the suppliers or sellers are clearly indicated on the invoices as well as a description of the goods or services bought. The authorities will need that for their follow-up procedures. However, receipts or confirmation emails from electronic payments are not valid for tax refunds.

You Can Have a Specialized Entity Handle Your Reclaimable Vat Applications

The good thing about the civilized society is that there will always be someone ready to help out in issues that the rest might find hard or tedious to do. In that respect, there are some specialized entities available to help you out with your vat refund applications.

All you have to do is provide all your documentation and let the professionals file the claim on your behalf. That way, you avoid some costly mistakes that might otherwise see you losing out on your due refund. You would hate that.

As you just found out above, it’s very possible to get back a good part of the amount paid out as VAT on items. With that in mind, any smart person would obviously want to utilize that chance to “grab” back as much of their reclaimable vat as possible.

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