If you are a vat registered dealer or manufacturer in the UK or any other EU country then you definately should make sure to fulfill all conditions while claiming vat back. Your claim will help offset any expenses directly related to the business or lessen 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 which has been implemented in many countries around the world including the EU. It assists in avoiding double taxation on products and if you are a vat registered trader in the EU with an official vat number you’ll be able to surely checkvatnumber reclaim any VAT which has already been paid while importing goods imported to your own country. However, you have to fulfill all terms and conditions imposed by the customs and excise customs vat department throughout your home country before you 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’s well versed with all the latest amendments in vat tax, vat rates, and also knows the correct vat refund procedures that must be followed while applying for a vat refund. There are numerous factors that can qualify you to get 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 don’t own a home or business in the 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 since 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 utilizing 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 nation or countries where the actual vat amounts have originally been paid.
There’s also a time limit of nine months following end of any calendar year within that you would need to file for a vat claim in UK even though time limit will vary in other European countries. You will also 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 may be penalized for a wrong claim or may 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 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.