If you’re a vat registered dealer or manufacturer in the UK or any other EU country then you must ensure to satisfy all conditions while claiming vat back. Your claim may help offset any expenses proportional to your business or lessen costs on products imported from another country where you have previously paid VAT.
VAT or value added tax is a system of collecting taxes that has been implemented in many countries around the world including the European Union. It assists in avoiding double taxation on products and if you are a vat registered trader in the EU with an official vat number then you can surely check vat number 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 can reclaim vat successfully in the country of origin.
If you’re not conversant with vat rules imposed throughout your home 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 also knows the correct vat refund procedures that must be followed while applying for a vat refund. There are numerous factors that can qualify you to get a vat reclaim. In case you have imported services or goods from another EU country where vat has been paid then you can reclaim that vat amount provided you do not own a home or business in the country, are not vat registered in the country, and don’t supply to this country. However, you need 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 can 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 UK 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 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’s also a time frame of nine months following end of the twelve months within which you will have to file for a vat claim in UK although the time period will vary in other Countries in Europe. You’ll have to be careful while filling out your vat claim since most EU countries do a lot more than frown on incorrect or fraudulent claims. You could be penalized for a wrong claim or may also be denied any refunds.
A vat claim will help lower your vat burden provided you meet all the criteria applicable in your own country and also the country in which 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.