If you’re a vat registered dealer or manufacturer in the UK or other EU country then you definately should make sure to fulfill all conditions while claiming vat back. Your claim will 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 that has been implemented in several countries all over the world including the EU. It helps in avoiding double taxation on products and if you’re a vat registered trader in the EU with an official vat number then you can surely checkvatnumber reclaim any VAT that has already been paid while importing goods imported into 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 you then should hire a vat consultant or tax consultant that’s amply trained with all the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures that must be followed while applying for a vat refund. There are numerous factors that can 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 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 in another country by utilizing vat online services to sign up yourself first. If you’re in the UK then once 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 need to send all related documents as proof for claiming vat back and you will also need to be conversant with vat rules in the country or countries where the vat amounts have originally been paid.
There is also a time frame of nine months following end of any calendar year within which you would need to apply for a vat claim in UK although the time limit will vary in other European countries. You’ll 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 a wrong claim or may also be denied any refunds.
A vat claim can help reduce your vat burden provided you meet all the required criteria applicable in your own country and also the country where you may have originally paid the vat amount. However, it is very important study each vat rule in great detail and understand its implications before claiming vat back directly or through your agent.