Can business claim back vat?

Yes, businesses can claim back any VAT paid on eligible purchases. To do so, they must submit a VAT Return to HM Revenue and Customs (HMRC) showing the total value of their eligible assets and the amount of VAT paid on those purchases. Businesses can only claim back VAT paid on purchases made within the last four years.

If your business is registered for VAT, you can reclaim the VAT paid on most goods and services that you buy in the UK or from EU countries (including VAT charged by other businesses in the UK), as long as they’re for use in your business. You may also be able to reclaim the VAT paid on goods you import from outside the EU. To reclaim VAT, your business must:-Be registered for VAT

-Have paid VAT to another business on eligible goods or services-Keep records of the VAT you’ve paid, including invoices and receipts-Submit a VAT Return to HMRC showing the total value of your eligible purchases and the amount of VAT paid on those purchases. If you’re claiming back VAT on behalf of your business, you must have written authority from the business to do so. This can be in the form of a letter from a director or senior manager or a copy of the business’s VAT registration certificate. You can find more information on how to reclaim VAT on the HMRC website.If you have any questions about whether you can reclaim VAT on a purchase or about the process of submitting a VAT Return, you should speak to an accountant or tax adviser.