If you’re a vat registered dealer or manufacturer in the UK 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 the business or lessen 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 around the world including the EU. It helps in avoiding double taxation on products and if you are a vat registered trader within the EU having a official vat number you’ll be able to surely claim back any VAT which has already been paid while importing goods imported checkvatnumber to your own country. However, you have to fulfill all terms and conditions imposed by the customs and excise customs vat department in your own country before you reclaim vat successfully in the country of origin.
If you’re not conversant with vat rules imposed throughout your home 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 appropriate vat refund procedures that must be followed while applying for a vat refund. There are several factors that may qualify you for a vat reclaim. In case 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 do not own a home or business in that country, are not vat registered in that country, and don’t supply to this 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 overseas by utilizing vat online services to register 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 obtain your vat reclaim either directly or through 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 where the vat amounts have originally been paid.
There is also a time limit of nine months following end of the calendar year within that you will have to apply for a vat claim in UK even though time limit will vary in other European countries. You will also have to be careful while completing your vat claim since most EU countries do a lot 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 will help reduce your vat burden provided you meet all the 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.