If you’re a vat registered dealer or manufacturer in the United Kingdom or other EU country then you definately must ensure to fulfill all conditions while claiming vat back. Your claim may help offset any expenses directly related to your 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 around the world including the European Union. It assists to avoid double taxation on products and if you’re a vat registered trader within the EU with an official vat number you’ll be able to vat check surely claim back any VAT that has recently been paid while importing goods imported to your own country. However, you have to fulfill all conditions and terms imposed by the customs and excise customs vat department throughout your home country before you reclaim vat successfully in the country of origin.
If you are not conversant with vat rules imposed throughout your home country then you should hire a vat consultant or tax consultant that is amply trained with the latest amendments in vat tax, vat rates, and also knows the appropriate vat refund procedures that must be followed while applying for a vat refund. There are several factors that can qualify you to get a vat reclaim. If you have imported goods or services from another EU country where vat has been paid you’ll be able to reclaim that vat amount provided you do not own a house or business in the country, aren’t vat registered in that country, and do not supply to this 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 can reclaim vat on import vat if there has been vat paid in another country by using vat online services to sign up yourself first. If you’re in the UK then when 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’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 frame of nine months after the end of the twelve months within which you will have to file for a vat claim in UK even though time limit will vary in other Countries in Europe. You’ll need to be careful while filling out your vat claim since most EU countries do much more than frown on incorrect or fraudulent claims. You may 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 criteria applicable throughout your home country as well as the country where you might have originally paid the vat amount. However, it is important to study each vat rule in great detail and understand its implications before claiming vat back directly or through your agent.