If you are a vat registered dealer or manufacturer in the United Kingdom 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 your business or lessen costs on products imported from another country where you have previously paid VAT.
VAT or value added tax is really a system of collecting taxes which has been implemented in many countries all over the world including the EU. It helps in avoiding double taxation on products and if you are a vat registered trader within the EU having a official vat number you’ll be able to www.vatcheck.com/vat surely claim back any VAT which has recently 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 in the country of origin.
If you’re not conversant with vat rules imposed in your own country you then 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 applying for a vat refund. There are several factors that may qualify you to get a vat reclaim. If you have imported services or goods 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 house or business in that 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 need to 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’re in the UK 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 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 vat amounts have originally been paid.
There’s also a time limit of nine months following end of the calendar year within which you would need to apply for a vat claim in UK even though time period will change in other European countries. You’ll need to be careful while filling out 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 criteria applicable in your own country and also the country where you might 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.