If you are a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you must ensure to satisfy all conditions while claiming vat back http://www.vatcontrol.com. Your claim will 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 really a system of collecting taxes that has been implemented in several countries all over the world including the EU. It helps 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 reclaim any VAT which has recently 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 from 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 trying to get a vat refund. There are several factors that can qualify you to get a vat reclaim. If you have imported goods or services from another EU country where vat has been paid then you can reclaim that vat amount provided you don’t own a house or business in that country, aren’t vat registered in that country, and don’t 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 has been vat paid overseas by using vat online services to register yourself first. If you are in the UK then once you register with hmrc vat online services you will then be in a position to post your obtain your vat reclaim either directly or using your vat agent. You will 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 nation or countries in which the vat amounts have originally been paid.
There’s also a time frame of nine months following end of any twelve months within which you would need to file for a vat claim in UK although the time limit will vary in other Countries in Europe. 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 could 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 required criteria applicable in your own 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.