If you are a vat registered dealer or manufacturer in the UK or other EU country then you definately
must ensure to satisfy all conditions while claiming vat back. Your claim may help offset any expenses directly related to the business or help reduce costs on products imported from another country where you have already paid VAT.
VAT or value added tax is really a system of collecting taxes that has been implemented in several countries around the world including the European Union. It helps 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 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 in 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 also knows the appropriate 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 services or goods 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 the country, and don’t supply to this 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 can reclaim vat on import vat if there has been vat paid in another country by utilizing vat online services to register yourself first. If you’re in the United Kingdom then when you register with hmrc vat online services you will then be able to post your obtain your vat reclaim either directly or through 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 where the vat amounts have originally been paid.
There is also a time limit of nine months after the end of any calendar year within that you will have to file for a vat claim in UK although the time limit will vary in other Countries in Europe. You’ll need to be careful while completing 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 may also be denied any refunds.
A vat claim can help reduce your vat burden provided you meet all the criteria applicable throughout your home country as well as the country where you might 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