If you are 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 the business or help reduce costs on products imported from another country where 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 European Union. It assists in avoiding double taxation on products and if you’re a vat registered trader in the EU with an official vat number you’ll be able to surely www.checkvatnumber.com reclaim any VAT which has already been paid while importing goods imported to your own country. However, you have to fulfill all terms and conditions imposed by the customs and excise customs vat department throughout your home country before you reclaim vat successfully from the country of origin.
If you are not conversant with vat rules imposed in your own 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 in addition knows the correct vat refund procedures to 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 already been paid you’ll be able to reclaim that vat amount provided you do not own a home or business in the country, aren’t vat registered in the 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 can 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 are in the United Kingdom then once you register with hmrc vat online services then you will be in a position to post your request for your vat reclaim either directly or through 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 country or countries in which the actual vat amounts have originally been paid.
There is also a time frame of nine months after the end of the twelve months within which you will have to file for a vat claim in UK even though time period will vary in other European countries. You’ll have 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 will help reduce your vat burden provided you meet all the criteria applicable throughout your home country as well as the country in which you might 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.