If you’re a vat registered dealer or manufacturer in the UK or other EU country then you must ensure to satisfy all conditions while claiming vat back. Your claim may help offset any expenses proportional to the business or help reduce 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’re www.vatregistrationnumber.com a vat registered trader in the EU having a official vat number then you can surely reclaim any VAT that has already been paid while importing goods imported into your own country. However, you have to fulfill all conditions and terms imposed by the customs and excise customs vat department throughout your home country before you can reclaim vat successfully from the country of origin.
If you are not conversant with vat rules imposed throughout your home country you then should hire a vat consultant or tax consultant that is amply trained with all the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures that must be followed while applying for 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 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 since there are other sub-sections in each rule that should be fulfilled too.
You can reclaim vat on import vat if there’s been vat paid overseas by utilizing vat online services to register yourself first. If you are in the United Kingdom 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 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 where the 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 will have to file for a vat claim in UK although the time period will change in other European countries. You will also have 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 required 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.