If you’re a vat registered dealer or manufacturer in the UK or any other EU country then you must ensure to fulfill all conditions while claiming vat back. Your claim may help offset any expenses proportional to the business or lessen costs on products imported from another country where you have already paid VAT.
VAT or value added tax is really a system of collecting taxes which has been implemented in many countries all over the world including the EU. It assists in avoiding double taxation on products and if you’re a vat registered trader within the EU having a official vat number you’ll be able to surely checkvatnumber.com reclaim any VAT that has already been paid while importing goods imported into your own country. However, you have 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 in the country of origin.
If you are not conversant with vat rules imposed throughout your home 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 appropriate vat refund procedures to be followed while trying to get a vat refund. There are numerous factors that can qualify you to get a vat reclaim. In case 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 home or business in the 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’re in the UK then when you register with hmrc vat online services then you will 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’ll also have to be conversant with vat rules in the nation or countries in which the vat amounts have originally been paid.
There is also a time limit of nine months after the end of any twelve months within that you will have to apply for a vat claim in UK even though time limit will vary in other European countries. You will also need to be careful while filling out your vat claim since most EU countries do a lot more than frown on incorrect or fraudulent claims. You could be penalized for a wrong claim or may also be denied any refunds.
A vat claim can help lower your vat burden provided you meet all the criteria applicable throughout your home country and also 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.