If you are 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 directly related to your business or lessen costs on products imported from another country where you have previously paid VAT.
VAT or value added tax is a system of collecting taxes that has been implemented in many countries around the world including the European Union. It helps in avoiding double taxation on products and if you are a vat registered trader in the EU having a official vat number then you can surely claim back any VAT that has already been check vat number paid while importing goods imported to 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 can 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 trying to get a vat refund. There are several factors that may qualify you for 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 do not 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’s been vat paid in another country by using vat online services to register yourself first. If you are in the United Kingdom then once you register with hmrc vat online services then you will be able 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 have to be conversant with vat rules in the nation or countries in which the vat amounts have originally been paid.
There’s also a time frame of nine months following end of any twelve months within that you will have to file for a vat claim in UK even though time period will change in other Countries in Europe. You’ll need to be careful while completing your vat claim since most EU countries do much more than frown on incorrect or fraudulent claims. You could be penalized for any wrong claim or might also be denied any refunds.
A vat claim can help lower your vat burden provided you meet all the required criteria applicable throughout your home country as well as the country where 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.