If you’re a vat registered dealer or manufacturer in the UK 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 lessen costs on products imported from another country in which 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 assists to avoid double taxation on products and if you are vat registration number a vat registered trader in the EU with an official vat number then you can surely reclaim any VAT which has already been paid while importing goods imported to 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 reclaim vat successfully in 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 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 numerous factors that may qualify you for a vat reclaim. In case you have imported services or goods from another EU country where vat has been paid you’ll be able to reclaim that vat amount provided you do not own a house or business in the country, are not vat registered in the country, and don’t supply to that 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 can reclaim vat on import vat if there’s been vat paid in another country by utilizing vat online services to sign up 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 using your vat agent. You 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 nation or countries in which the actual vat amounts have originally been paid.
There is also a time limit of nine months after the end of the twelve months within that you would need to apply for a vat claim in UK although the time limit will change in other Countries in Europe. You will also 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 any wrong claim or might also be denied any refunds.
A vat claim can help reduce your vat burden provided you meet all the required criteria applicable in your own country and also the country in which you may 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.