If you’re a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you must ensure to satisfy all conditions while claiming vat back. Your claim may help offset any expenses proportional to the business or lessen costs on products imported from another country in which you have already paid VAT.
VAT or value added tax is really a system of collecting taxes that has been implemented in several countries all over the world including the European Union. It assists in avoiding double taxation on products and if you are a vat registered trader within the EU having a official vat number you’ll be able to surely reclaim any VAT which has already been paid while importing goods imported http://checkvatnumber.com into your own country. However, you need to fulfill all terms and conditions imposed by the customs and excise customs vat department in your own country before you reclaim vat successfully from the country of origin.
If you’re not conversant with vat rules imposed throughout your home country then you should hire a vat consultant or tax consultant that’s amply trained with all the latest amendments in vat tax, vat rates, and also knows the appropriate vat refund procedures to be followed while applying for a vat refund. There are several factors that may qualify you for a vat reclaim. If you have imported services or goods from another EU country where vat has already been paid then you can reclaim that vat amount provided you do not own a home or business in that country, are not vat registered in the country, and do not supply to that country. However, it is advisable to fully comprehend each rule in great detail before claiming vat back as there are other sub-sections in each rule that should be fulfilled too.
You’ll be able to reclaim vat on import vat if there has been vat paid overseas by utilizing vat online services to sign up yourself first. If you are in the UK then once you register with hmrc vat online services then you will be able to post your request for your vat reclaim either directly or using your vat agent. You will need to send all related documents as proof for claiming vat back and you will also have to be conversant with vat rules in the country or countries where the actual vat amounts have originally been paid.
There is also a time frame of nine months following end of any twelve months within which you would need to file for a vat claim in UK even though time period will change in other Countries in Europe. You’ll have to be careful while filling out your vat claim as most EU countries do a lot more than frown on incorrect or fraudulent claims. You could be penalized for a wrong claim or may also be denied any refunds.
A vat claim will help reduce your vat burden provided you meet all the criteria applicable throughout your home country and also the country where you may have originally paid the vat amount. However, it is very important study each vat rule in great detail and understand its implications before claiming vat back directly or through your agent.