If you’re a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you definately 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 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 assists in avoiding double taxation on products and if you are a vat registered trader in the EU with an official vat number you’ll be able to surely checkvatnumber.com reclaim any VAT which has recently been paid while importing goods imported to your own country. However, you need to fulfill all terms and conditions 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’re not conversant with vat rules imposed throughout your home country you then should hire a vat consultant or tax consultant that is well versed with all the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures to be followed while trying to get a vat refund. There are several 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 don’t own a house or business in that country, aren’t vat registered in that country, and do not supply to that 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 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 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 need to be conversant with vat rules in the country or countries in which the vat amounts have originally been paid.
There is also a time frame of nine months following end of any calendar year within that you would need to file for a vat claim in UK even though time limit will vary in other Countries in Europe. You will also have to be careful while completing 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 may also be denied any refunds.
A vat claim will help lower your vat burden provided you meet all the criteria applicable in your own country and also 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.