If you are a vat registered dealer or manufacturer in the UK or other EU country then you definately should make sure to fulfill all conditions while claiming vat back www.vatcontrol.com. Your claim will help offset any expenses directly related to the business or help reduce costs on products imported from another country in which you have already paid VAT.
VAT or value added tax is really a system of collecting taxes that has been implemented in many countries all over the world including the EU. It helps to avoid 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 reclaim any VAT which has already been paid while importing goods imported into your own country. However, you need to fulfill all terms and conditions imposed by the customs and excise customs vat department throughout your home 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 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 you’ll be able to reclaim that vat amount provided you do not own a house or business in that country, aren’t vat registered in that country, and do not 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 should be fulfilled too.
You can reclaim vat on import vat if there’s been vat paid overseas by utilizing vat online services to sign up yourself first. If you are in the United Kingdom then once 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 using your vat agent. You 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 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 calendar year within that you would need to apply for a vat claim in UK even though time period will vary in other European countries. You’ll need to be careful while completing 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 lower your vat burden provided you meet all the required criteria applicable in your own country and also the country where you may 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.