If you are a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you definately must ensure to fulfill all conditions while claiming vat back. Your claim will help offset any expenses proportional to your 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 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 in the EU having a official vat number you’ll be able to surely claim back any VAT which has recently been paid while importing goods imported check vat number into your own country. However, you need 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’re not conversant with vat rules imposed throughout your home country you then should hire a vat consultant or tax consultant that is well versed with 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 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 been paid then you can reclaim that vat amount provided you don’t own a home or business in that country, are not 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 need to be fulfilled too.
You can reclaim vat on import vat if there’s been vat paid overseas 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 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 have to be conversant with vat rules in the nation or countries where the actual vat amounts have originally been paid.
There is also a time frame of nine months following end of any calendar year within which you will have to file for a vat claim in UK even though time period will change in other Countries in Europe. You’ll have to be careful while filling out your vat claim as most EU countries do a lot 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.