If you are a vat registered dealer or manufacturer in the UK or other EU country then you definately must ensure to satisfy 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 where 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 European Union. It assists in avoiding double taxation on products and if you’re a vat registered trader in the EU with an official vat number you’ll be able to surely claim back any VAT which has recently been checkvatnumber paid while importing goods imported to your own country. However, you need to fulfill all terms and conditions imposed by the customs and excise customs vat department in your own 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 is amply trained with all the latest amendments in vat tax, vat rates, and also knows the appropriate vat refund procedures that must 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 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 the country, aren’t vat registered in the country, and don’t 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 can reclaim vat on import vat if there has been vat paid overseas by using vat online services to sign up yourself first. If you are in the UK then when you register with hmrc vat online services then you will be in a position to post your obtain 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 country or countries where the vat amounts have originally been paid.
There’s also a time frame of nine months following end of the twelve months within which you would need to apply for a vat claim in UK although the time period will change in other Countries in Europe. 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 may be penalized for a wrong claim or may also be denied any refunds.
A vat claim can help lower your vat burden provided you meet all the required criteria applicable throughout your home country as well as 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.