If you’re a vat registered dealer or manufacturer in the UK or other EU country then you 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 assists to avoid double taxation on products and if you’re a vat registered trader in the EU with an official vat number then you can surely claim back any VAT that has recently been paid while importing goods imported http://checkvatnumber.com 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 in the country of origin.
If you’re not conversant with vat rules imposed in your own country you then should hire a vat consultant or tax consultant that’s well versed 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 numerous factors that can qualify you for a vat reclaim. If you have imported services or goods from another EU country where vat has already been paid you’ll be able to reclaim that vat amount provided you do not own a home or business in the country, are not vat registered in the country, and do not supply to this 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 should be fulfilled too.
You’ll be able to reclaim vat on import vat if there’s been vat paid in another country by utilizing 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 in a position 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 in which the actual vat amounts have originally been paid.
There is also a time limit of nine months following end of any twelve months within which you will have to file for a vat claim in UK even though time period will change in other Countries in Europe. You’ll have to be careful while filling out 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 will 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 very important study each vat rule in great detail and understand its implications before claiming vat back directly or through your agent.