If you are a vat registered dealer or manufacturer in the United Kingdom or other EU country then you must ensure to fulfill all conditions while claiming vat back. Your claim may help offset any expenses proportional to your business or lessen costs on products imported from another country where you have already paid VAT.
VAT or value added tax is a system of collecting taxes that has been implemented in several countries around the world including the EU. It helps in avoiding double taxation on products and if you are a vat registered trader within the EU with an official vat number you’ll be able to surely claim back any VAT that has already been checkvatnumber.com 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 then you 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 appropriate 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. In case you have imported goods or services 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 that country, and don’t 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 need to be fulfilled too.
You can reclaim vat on import vat if there has been vat paid overseas by using vat online services to sign up 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 country or countries where the vat amounts have originally been paid.
There’s also a time limit of nine months following end of any twelve months within that you would need to file for a vat claim in UK even though time limit will change 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 might also be denied any refunds.
A vat claim will help reduce your vat burden provided you meet all the required criteria applicable throughout your home 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.