If you’re a vat registered dealer or manufacturer in the UK or any other EU country then you should make sure to satisfy all conditions while claiming vat back. Your claim may help offset any expenses proportional to your business or lessen costs on products imported from another country http://vatcheck.com in which you have previously 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 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 reclaim any VAT which has recently been paid while importing goods imported into your own country. However, you need to fulfill all conditions and terms imposed by the customs and excise customs vat department in your own country before you 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 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 may qualify you to get a vat reclaim. If you have imported goods or services from another EU country where vat has been paid you’ll be able to reclaim that vat amount provided you do not own a house or business in the country, are not vat registered in that country, and do not 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’ll be able to reclaim vat on import vat if there has been vat paid overseas by utilizing vat online services to register yourself first. If you’re in the United Kingdom then when you register with hmrc vat online services then you will be able to post your obtain your vat reclaim either directly or using your vat agent. You will 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 country or countries where the actual vat amounts have originally been paid.
There is also a time limit of nine months after the end of the calendar year within which you would need to file for a vat claim in UK even though time period will change in other Countries in Europe. You will also have to be careful while completing your vat claim since most EU countries do much more than frown on incorrect or fraudulent claims. You could be penalized for any wrong claim or may also be denied any refunds.
A vat claim can help reduce your vat burden provided you meet all the required criteria applicable throughout your home country and also the country in which 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.