If you’re a vat registered dealer or manufacturer in the UK or any other EU country then you must ensure to fulfill all conditions while claiming vat back. Your claim will help offset any expenses proportional 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 that has been implemented in several countries around the world including the European Union. It helps in avoiding double taxation on products and if you’re www.checkvatnumber.com a vat registered trader within the EU with an official vat number you’ll be able to surely reclaim any VAT which has already 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 in your own country before you can reclaim vat successfully from the country of origin.
If you’re not conversant with vat rules imposed in your own country then you should hire a vat consultant or tax consultant that’s well versed with the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures to be followed while trying to get a vat refund. There are several factors that can qualify you for a vat reclaim. If you have imported services or goods from another EU country where vat has been paid you’ll be able to reclaim that vat amount provided you don’t own a house or business in the country, aren’t vat registered in that country, and do not 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’ll be able to 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 you will then be in a position to post your request for your vat reclaim either directly or using 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 where the actual vat amounts have originally been paid.
There is also a time limit of nine months after the end of any twelve months within which you would need to file for a vat claim in UK even though time limit will vary in other European countries. You’ll need to be careful while completing your vat claim as most EU countries do much more than frown on incorrect or fraudulent claims. You may 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 criteria applicable in your own country and also 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.