If you’re a vat registered dealer or manufacturer in the UK or other EU country then you must ensure to fulfill all conditions while claiming vat back. Your claim will help offset any expenses proportional to your business or lessen costs on products imported from another country in which you have already paid VAT.
VAT or value added tax is really a system of collecting taxes which has been implemented in several countries around the world including the European Union. It helps to avoid double taxation on products and if you are checkvatnumber.com a vat registered trader within the EU having a official vat number then you can surely reclaim any VAT which has already been paid while importing goods imported into your own country. However, you need to fulfill all terms and conditions 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 are not conversant with vat rules imposed in your own country you then should hire a vat consultant or tax consultant that’s well versed 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 numerous factors that may qualify you to get a vat reclaim. In case 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 house 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 need to be fulfilled too.
You’ll be able to reclaim vat on import vat if there has been vat paid in another country by using vat online services to sign up yourself first. If you are in the United Kingdom then when you register with hmrc vat online services you will then be able to post your request for your vat reclaim either directly or through your vat agent. You 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 where the actual vat amounts have originally been paid.
There’s also a time limit of nine months after the end of any twelve months within which 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 completing your vat claim since most EU countries do much 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 criteria applicable throughout your home country as well as the country where 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.