If you’re a vat registered dealer or manufacturer in the UK or any 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 your business or lessen 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 EU. It assists to avoid double taxation on products and if you are a vat registered trader within the EU having a official vat number then you can www.vatcheck.com/vat surely claim back any VAT that has recently 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 in your own country you then should hire a vat consultant or tax consultant that’s amply trained with the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures that must be followed while applying for a vat refund. There are several factors that can qualify you for a vat reclaim. If 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 house or business in the country, are not vat registered in that country, and don’t supply to that 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 need to be fulfilled too.
You’ll be able to reclaim vat on import vat if there’s been vat paid in another country by using vat online services to sign up yourself first. If you’re 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 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 nation or countries in which the actual vat amounts have originally been paid.
There is also a time limit of nine months following end of any calendar year within which you will have to apply for a vat claim in UK even though time limit will vary in other Countries in Europe. You’ll need to be careful while filling out your vat claim as most EU countries do a lot more than frown on incorrect or fraudulent claims. You could 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 required criteria applicable in your own country and also the country in which 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 directly or through your agent.