If you’re a vat registered dealer or manufacturer in the UK or any other EU country then you must ensure to fulfill all conditions while claiming vat back. Your claim may help offset any expenses directly related to the business or lessen costs on products imported from another country in which you have previously paid VAT.
VAT or value added tax is a system of collecting taxes which has been implemented in many countries all over the world including the European Union. It assists in avoiding 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 that has already been paid while importing goods imported checkvatnumber into your own country. However, you need to fulfill all terms and conditions imposed by the customs and excise customs vat department in your own country before you can reclaim vat successfully in the country of origin.
If you are 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 applying for a vat refund. There are numerous factors that can 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 do not 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 sign up yourself first. If you are in the United Kingdom then when 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 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 country or countries in which the vat amounts have originally been paid.
There is also a time limit of nine months following end of the twelve months within which you will have to file for a vat claim in UK even though time limit will vary in other Countries in Europe. You will also need 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 may be penalized for any 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 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.