If you’re a vat registered dealer or manufacturer in the UK or any other EU country then you must ensure to satisfy all conditions while claiming vat back. Your claim will help offset any expenses directly related to your business or lessen costs on products imported from another country in which you have already paid VAT.
VAT or value added tax is really a system of collecting taxes that has been implemented in several countries all over the world including the EU. It helps in avoiding double taxation on products and if you’re a vat registered trader in the EU with an official vat number then you can surely checkvatnumber claim back any VAT that has already been 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 in your own country before you can reclaim vat successfully in the country of origin.
If you’re not conversant with vat rules imposed in your own 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 also knows the appropriate vat refund procedures to be followed while trying to get a vat refund. There are several factors that can qualify you for a vat reclaim. If you have imported services or goods from another EU country where vat has been paid you’ll be able to reclaim that vat amount provided you don’t own a home or business in that country, aren’t vat registered in the country, and don’t supply to that 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 in another country by utilizing vat online services to sign up yourself first. If you’re in the United Kingdom then once 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 need to be conversant with vat rules in the country or countries in which the vat amounts have originally been paid.
There’s also a time frame of nine months following end of any calendar year within which you would need to file for a vat claim in UK although the time limit will change in other Countries in Europe. You will also have to be careful while completing your vat claim since most EU countries do a lot more than frown on incorrect or fraudulent claims. You may be penalized for any wrong claim or might 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 where 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.