If you are a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you should make sure to fulfill all conditions while claiming vat back. Your claim may help offset any expenses proportional to your 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 which has been implemented in several countries around the world including the European Union. It helps to avoid double taxation on products and if you are a vat registered trader in the EU having a official vat number then you can surely checkvatnumber.com reclaim any VAT which has recently been paid while importing goods imported into 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’re not conversant with vat rules imposed in your own country you then should hire a vat consultant or tax consultant that is amply trained with all the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures that must be followed while applying for a vat refund. There are several factors that may qualify you to get 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 don’t own a house or business in that country, are not vat registered in the country, and do not supply to that country. However, you need to fully comprehend each rule in great detail before claiming vat back as 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 in another country by using vat online services to register yourself first. If you’re in the UK 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 using your vat agent. You 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 where the actual vat amounts have originally been paid.
There is also a time frame of nine months following end of the twelve months within which you will have to apply for a vat claim in UK although the time limit will vary in other Countries in Europe. You’ll need to be careful while filling out your vat claim as most EU countries do a lot 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 lower your vat burden provided you meet all the required criteria applicable throughout your home country as well as 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.