If you are a vat registered dealer or manufacturer in the United Kingdom or other EU country then you should make sure to satisfy all conditions while claiming vat back www.vatcontrol.com. Your claim may help offset any expenses directly related to your 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 several countries around the world including the EU. It helps in avoiding double taxation on products and if you are a vat registered trader in the EU having a official vat number you’ll be able to surely claim back any VAT which has recently been paid while importing goods imported into your own country. However, you need to fulfill all terms and conditions 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 are not conversant with vat rules imposed in your own country you then should hire a vat consultant or tax consultant that is amply trained with all 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 may qualify you to get a vat reclaim. In case you have imported goods or services from another EU country where vat has already been paid then you can reclaim that vat amount provided you don’t own a house or business in the country, aren’t vat registered in the country, and don’t supply to that country. However, you need to fully comprehend each rule in great detail before claiming vat back as there are other sub-sections in each rule that need to be fulfilled too.
You can reclaim vat on import vat if there has been vat paid overseas by using vat online services to sign up yourself first. If you’re in the United Kingdom then when you register with hmrc vat online services then you will be in a position to post your obtain 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 actual vat amounts have originally been paid.
There is also a time frame of nine months after the end of any calendar year within that you will have to file for a vat claim in UK although the time limit will change in other Countries in Europe. You’ll have to be careful while completing 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 in your own country as well as the country in which you may 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.