|
Right : Alexandra Korotkova , CEO , MICE VAT
Explain how you can help this process ?
|
a different directive . The VAT refund application has to be shipped overseas to the relevant tax office . An application form in a foreign language must be accompanied by original VAT invoices and supporting documents . In addition , some countries require that a local agent is appointed to carry out the application process and all arising communication .
In both cases , however , an events business is very likely to receive letters with additional questions and document requests from foreign tax authorities . This communication is normally in their official language and has tight deadlines for reply . A delay or an inaccurate response may result in the rejection of the VAT refund application . Also , quite often obtaining a final , fully compliant VAT invoice from a supplier , becomes a challenge for an events business .
All in all , VAT recovery demands a full commitment and regular monitoring of incoming correspondence . That ’ s why many businesses prefer to outsource the process to a specialised firm .
|
At MICE VAT we provide pre-event advice to help businesses project a refundable amount or even increase recoverable VAT through restructuring of the transaction . Then of course , we take care of the entire VAT recovery process to ensure all is executed correctly and timings are minimised .
We identify claimable VAT on invoices and collect the necessary supporting documentation .
|
How long can the process take ?
Are there any changes for British events businesses reclaiming VAT now the UK has left the EU ?
|
Additionally , we prepare a cover letter with legal argumentation , which reduces potential queries and therefore , recovery timings . Besides , we conduct due diligence and in case of non-compliant VAT invoices , we arrange their re-issuing directly with each relevant supplier . Importantly , we manage all communication and follow-ups with a tax authority . At every step , we are able to swiftly provide an update on the status of a claim upon request . Our client ’ s time and effort are reduced . We charge a percentage fee only upon the successful receipt of a VAT refund .
By law , intra-community VAT refund applications must be processed by tax authorities within 4-6 months from submission , while no official timings are imposed for non-EU claims . In practice , the whole process on average takes between 4-8 months , though it may take longer . The actual timing depends on multiple factors , such as the level of completion of an application , including all supporting documents , the agility in responding to any queries and the workload of a tax office .
Indeed , there are . From 2021 a UK company can no longer follow an online VAT refund procedure available to intra-community members . Therefore , it has to adopt a paper-based process for non-EU businesses and ship original hard-copy invoices and documents to a foreign tax office .
Some countries , including Spain , Portugal , France and Austria , will require a British business to appoint a local agent in order to apply for a non-resident VAT refund .
Though not all EU countries require a local agent , companies find it extremely beneficial to put all their VAT recovery projects in the hands of a specialised firm .
Get in touch with MICE VAT online at www . micevat . com
VAT
|