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 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 that has been implemented in several countries around the world including the EU. It helps to avoid double taxation on products and if you are a vat registered trader in the EU with an official vat number then you can surely claim back any VAT that has already been paid while importing goods imported check vat number to 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 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’s well versed with the latest amendments in vat tax, vat rates, and in addition knows the appropriate vat refund procedures that must be followed while trying to get a vat refund. There are several factors that can qualify you to get a vat reclaim. If you have imported goods or services from another EU country where vat has already been paid you’ll be able to reclaim that vat amount provided you do not own a home or business in the country, aren’t vat registered in the country, and don’t supply to this country. However, it is advisable 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 using vat online services to register yourself first. If you’re in the United Kingdom then when you register with hmrc vat online services you will then 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 country or countries in which the actual vat amounts have originally been paid.
There’s also a time frame of nine months following end of any twelve months within which you will have to apply for a vat claim in UK even though time limit will vary in other Countries in Europe. You’ll need to be careful while filling out your vat claim as most EU countries do a lot more than frown on incorrect or fraudulent claims. You may be penalized for any wrong claim or may also be denied any refunds.
A vat claim will 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 very important study each vat rule in great detail and understand its implications before claiming vat back directly or through your agent.