If you are a vat registered dealer or manufacturer in the UK or 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 lessen costs on products imported from another country where you have previously paid VAT.
VAT or value added tax is a system of collecting taxes which has been implemented in several countries all over the world including the European Union. It assists to avoid double taxation on products and if you are www.vatregistrationnumber.com a vat registered trader within the EU with an official vat number you’ll be able to 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 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 is well versed 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 numerous factors that can qualify you for a vat reclaim. If 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 that 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 overseas by using 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 in a position to post your request for 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 nation or countries where the actual vat amounts have originally been paid.
There is also a time frame of nine months after the end of any twelve months within which you would need to file 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 as 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 lower your vat burden provided you meet all the criteria applicable throughout your home country and also the country in which 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.