If you are a vat registered dealer or manufacturer in the United Kingdom or other EU country then you definately must ensure to satisfy 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 in which you have previously paid VAT.
VAT or value added tax is a system of collecting taxes which has been implemented in many countries all over the world including the EU. It assists in avoiding double taxation on products and if you’re a vat registered trader within the EU having a official vat number then you can surely reclaim any VAT that has recently been checkvatnumber.com paid while importing goods imported into your own country. However, you need to fulfill all terms and conditions 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 are 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 correct vat refund procedures to be followed while applying for a vat refund. There are numerous factors that may qualify you for a vat reclaim. If you have imported services or goods from another EU country where vat has already 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, 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 has been vat paid overseas by using vat online services to sign up yourself first. If you are 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 will also have to be conversant with vat rules in the country or countries in which the vat amounts have originally been paid.
There is also a time limit of nine months following end of the twelve months within which you will have to apply for a vat claim in UK although the time limit will vary in other European countries. You will also need to be careful while completing your vat claim since most EU countries do a lot 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 will help lower your vat burden provided you meet all the required criteria applicable throughout your home country as well as the country in which you may 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.