If you’re a vat registered dealer or manufacturer in the United Kingdom or other EU country then you definately must ensure to fulfill all conditions while claiming vat back. Your claim will help offset any expenses proportional to your business or help reduce 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 many countries around the world including the European Union. It helps to avoid double taxation on products and if you are a vat registered trader within the EU with an official vat number then you can surely claim back any VAT which has recently been check vat number paid while importing goods imported into your own country. However, you need to fulfill all conditions and terms imposed by the customs and excise customs vat department throughout your home country before you can reclaim vat successfully from 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 well versed 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 may qualify you to get a vat reclaim. In case you have imported goods or services from another EU country where vat has 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, it is advisable to fully comprehend each rule in great detail before claiming vat back as there are other sub-sections in each rule that need to be fulfilled too.
You’ll be able to reclaim vat on import vat if there’s been vat paid in another country by utilizing vat online services to register yourself first. If you are in the United Kingdom then when you register with hmrc vat online services you will then be able to post your request for 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 have to be conversant with vat rules in the country or countries in which the actual vat amounts have originally been paid.
There’s also a time frame of nine months following end of any twelve months within that 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 filling out your vat claim as most EU countries do much more than frown on incorrect or fraudulent claims. You may be penalized for a 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 where 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.