If you are a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you definately must ensure to satisfy all conditions while claiming vat back http://vatcontrol.com. Your claim will help offset any expenses proportional to the business or help reduce costs on products imported from another country in which 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 a vat registered trader within the EU having a official vat number then you can surely claim back any VAT which has recently been paid while importing goods imported to your own country. However, you need to fulfill all conditions and terms 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 are 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 the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures to be followed while applying for a vat refund. There are numerous 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 do not own a home or business in that country, are not vat registered in the country, and don’t supply to this country. However, it is advisable 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 in another country by utilizing vat online services to register yourself first. If you’re in the UK then when you register with hmrc vat online services then you will be in a position to post your obtain 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’ll also need to be conversant with vat rules in the country or countries in which the actual vat amounts have originally been paid.
There’s also a time limit of nine months following end of any calendar year within which you would need to file for a vat claim in UK although the time period will vary 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 a wrong claim or might 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 as well as the country where 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.