If you are a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you definately must ensure to satisfy all conditions while claiming vat back. Your claim may help offset any expenses proportional 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 several countries around the world including the European Union. It helps in avoiding double taxation on products and if you’re http://vatregistrationnumber.com a vat registered trader within the EU with an official vat number then you can surely reclaim any VAT which has already 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 in 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 in addition knows the appropriate vat refund procedures to be followed while applying for a vat refund. There are several factors that can qualify you for 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 don’t own a house or business in that country, aren’t vat registered in that 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’s been vat paid in another country by using vat online services to register yourself first. If you are in the United Kingdom 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 will need to send all related documents as proof for claiming vat back and you will also need to be conversant with vat rules in the nation or countries in which the actual vat amounts have originally been paid.
There is also a time frame of nine months following end of any calendar year within that you will have to apply for a vat claim in UK although the time period will change in other European countries. You’ll have to be careful while completing your vat claim as most EU countries do much 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 can help reduce your vat burden provided you meet all the required criteria applicable throughout your home country as well as 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.