If you are a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you should make sure to fulfill all conditions while claiming vat back. Your claim will help offset any expenses directly related to your business or help reduce costs on products imported from another country where you have previously paid VAT.
VAT or value added tax is a system of collecting taxes that has been implemented in several countries all over the world including the European Union. It helps in avoiding double taxation on products and if you’re https://checkvatnumber.com a vat registered trader within the EU having a official vat number you’ll be able to surely claim back 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 throughout your home country before you can 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’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 trying to get a vat refund. There are numerous factors that can qualify you for a vat reclaim. If you have imported services or goods from another EU country where vat has already been paid then you can reclaim that vat amount provided you do not own a house or business in the country, are not vat registered in the country, and do not 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’ll be able to reclaim vat on import vat if there has been vat paid overseas by using vat online services to register yourself first. If you are in the UK then once you register with hmrc vat online services then you will be in a position 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 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 following end of the calendar year within that you would need to apply for a vat claim in UK even though time period will change in other Countries in Europe. You’ll need 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 any wrong claim or might also be denied any refunds.
A vat claim can help reduce your vat burden provided you meet all the required criteria applicable in your own country and also the country where 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.