If you’re a vat registered dealer or manufacturer in the UK or any other EU country then you should make sure to satisfy all conditions while claiming vat back. Your claim will help offset any expenses proportional to your business or help reduce costs on products imported from another country in which you have previously paid VAT.
VAT or value added tax is really a system of collecting taxes which has been implemented in many countries around the world including the EU. It helps in avoiding double taxation on products and if you’re a vat registered trader within the EU having a official vat number you’ll be able to surely claim back any VAT that has recently been paid while importing goods imported www.checkvatnumber.com into your own country. However, you have to fulfill all conditions and terms imposed by the customs and excise customs vat department throughout your home country before you reclaim vat successfully from the country of origin.
If you’re not conversant with vat rules imposed in your own country then you should hire a vat consultant or tax consultant that is amply trained with the latest amendments in vat tax, vat rates, and also knows the appropriate vat refund procedures that must be followed while applying for a vat refund. There are several factors that can qualify you to get a vat reclaim. If you have imported goods or services from another EU country where vat has been paid you’ll be able to reclaim that vat amount provided you don’t own a home or business in that country, are not vat registered in the 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 can reclaim vat on import vat if there has been vat paid overseas by using vat online services to register 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 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 nation or countries where the vat amounts have originally been paid.
There is also a time limit of nine months after the end of the twelve months within which you will have to file for a vat claim in UK even though time period will change in other Countries in Europe. You’ll have 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 may 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 criteria applicable throughout your home country as well as 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.