If you’re a vat registered dealer or manufacturer in the United Kingdom or other EU country then you should make sure to satisfy all conditions while claiming vat back. Your claim may help offset any expenses proportional to your business or lessen 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 all over the world including the EU. It helps in avoiding 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 surely checkvatnumber reclaim any VAT that 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 throughout your home country before you can reclaim vat successfully from the country of origin.
If you are not conversant with vat rules imposed in your own country then you should hire a vat consultant or tax consultant that’s amply trained with all the latest amendments in vat tax, vat rates, and also 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. If you have imported goods or services from another EU country where vat has been paid then you can reclaim that vat amount provided you don’t own a home or business in the country, are not vat registered in that 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’s been vat paid in another country by utilizing vat online services to sign up yourself first. If you are in the UK then once 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 will 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 in which the vat amounts have originally been paid.
There is also a time frame of nine months after the end of any twelve months within that you would need to file for a vat claim in UK although the time period will vary in other Countries in Europe. You’ll have to be careful while filling out 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 might 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 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.