If you’re a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you should make sure to satisfy all conditions while claiming vat back. Your claim will help offset any expenses proportional 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 really a system of collecting taxes which has been implemented in many countries around the world including the EU. It assists to avoid double taxation on products and if you are a vat registered trader in the EU with an official vat number you’ll be able to http://vatcheck.com/vat surely 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 in the country of origin.
If you’re not conversant with vat rules imposed in your own country then you should hire a vat consultant or tax consultant that’s well versed with all the latest amendments in vat tax, vat rates, and also knows the appropriate vat refund procedures to be followed while trying to get a vat refund. There are several factors that may qualify you to get a vat reclaim. If you have imported goods or services from another EU country where vat has already been paid then you can reclaim that vat amount provided you don’t own a house or business in that country, are not vat registered in the 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 need to be fulfilled too.
You can reclaim vat on import vat if there has been vat paid overseas by utilizing vat online services to register 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 need to be conversant with vat rules in the country or countries in which the vat amounts have originally been paid.
There’s also a time limit of nine months after the end of any calendar year within that you will have to file for a vat claim in UK although the time limit will vary in other European countries. You will also need to be careful while completing your vat claim since most EU countries do much 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 will help reduce your vat burden provided you meet all the required criteria applicable in your own country and also the country where you might have originally paid the vat amount. However, it is important to study each vat rule in great detail and understand its implications before claiming vat back directly or through your agent.