If you’re a vat registered dealer or manufacturer in the United Kingdom or other EU country then you definately must ensure to satisfy all conditions while claiming vat back. Your claim will help offset any expenses directly related to your 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 several countries all over the world including the EU. It helps in avoiding double taxation on products and if you are a vat registered trader within the EU with an official vat number you’ll be able to surely checkvatnumber.com reclaim any VAT that has already been paid while importing goods imported into your own country. However, you have to fulfill all conditions and terms imposed by the customs and excise customs vat department in your own country before you can reclaim vat successfully from the country of origin.
If you are not conversant with vat rules imposed throughout your home country then you 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 correct vat refund procedures to be followed while applying for a vat refund. There are numerous factors that can qualify you for a vat reclaim. In case you have imported goods or services from another EU country where vat has already been paid you’ll be able to reclaim that vat amount provided you do not own a home or business in that country, are not vat registered in that country, and don’t 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 utilizing vat online services to sign up yourself first. If you are in the United Kingdom then once you register with hmrc vat online services then you will 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 have to be conversant with vat rules in the country 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 calendar year within which you will have to apply for a vat claim in UK even though time period will vary in other European countries. You will also have 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 could be penalized for a wrong claim or may also be denied any refunds.
A vat claim can help lower your vat burden provided you meet all the required criteria applicable in your own country as well as the country in which you might 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.