If you’re 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 may help offset any expenses directly related to the business or help reduce costs on products imported from another country in which you have already paid VAT.
VAT or value added tax is a system of collecting taxes that has been implemented in several countries around the world including the EU. It assists to avoid double taxation on products and if you are https://checkvatnumber.com 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 have 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 from the country of origin.
If you’re not conversant with vat rules imposed throughout your home country then you should hire a vat consultant or tax consultant that’s amply trained 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 several factors that may qualify you for 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 do not own a house or business in the country, aren’t vat registered in the 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’ll be able to reclaim vat on import vat if there’s been vat paid in another country by using vat online services to sign up yourself first. If you’re in the United Kingdom then once you register with hmrc vat online services then you will be able to post your obtain your vat reclaim either directly or through 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 vat amounts have originally been paid.
There is also a time frame of nine months after the end of any calendar year within that you would need to apply for a vat claim in UK although the time period will vary in other European countries. You’ll need to be careful while completing your vat claim as most EU countries do much more than frown on incorrect or fraudulent claims. You could 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 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.