If you’re a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you definately must ensure to fulfill all conditions while claiming vat back. Your claim will help offset any expenses proportional to the business or help reduce costs on products imported from another country in which you have already paid VAT.
VAT or value added tax is a system of collecting taxes which has been implemented in many countries all over the world including the EU. It assists in avoiding double taxation on products and if you’re a vat registered trader in the EU having a official vat number then you can surely www.checkvatnumber.com claim back any VAT that has recently been paid while importing goods imported to your own country. However, you need to fulfill all conditions and terms imposed by the customs and excise customs vat department throughout your home country before you reclaim vat successfully from the country of origin.
If you’re not conversant with vat rules imposed in your own country you then should hire a vat consultant or tax consultant that is well versed with the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures that must be followed while applying for a vat refund. There are several factors that can qualify you for a vat reclaim. If you have imported goods or services from another EU country where vat has already been paid you’ll be able to reclaim that vat amount provided you don’t own a house or business in that country, aren’t vat registered in the country, and don’t supply to that country. However, it is advisable to fully comprehend each rule in great detail before claiming vat back since there are other sub-sections in each rule that need to be fulfilled too.
You can reclaim vat on import vat if there’s been vat paid in another country by using 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 through your vat agent. You need to send all related documents as proof for claiming vat back and you’ll also need to be conversant with vat rules in the nation or countries in which the vat amounts have originally been paid.
There is also a time limit 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 vary in other Countries in Europe. You will also have to be careful while filling out your vat claim as most EU countries do much more than frown on incorrect or fraudulent claims. You could be penalized for any wrong claim or may also be denied any refunds.
A vat claim will help lower your vat burden provided you meet all the required criteria applicable throughout your home country as well as the country in which you might 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.