If you are a vat registered dealer or manufacturer in the UK or other EU country then you definately
should make sure to fulfill all conditions while claiming vat back. Your claim may help offset any expenses proportional to the business or help reduce 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 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’re a vat registered trader within the EU with an official vat number you’ll be able to surely claim back any VAT which has already been paid while importing goods imported to 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 reclaim vat successfully in the country of origin.
If you are not conversant with vat rules imposed in your own country you then 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 correct vat refund procedures that must be followed while applying for a vat refund. There are several factors that may qualify you to get a vat reclaim. In case you have imported services or goods 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 the country, are not vat registered in that country, and do not 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 has been vat paid in another country by utilizing vat online services to register yourself first. If you are in the United Kingdom then once you register with hmrc vat online services then you will be in a position 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 need to be conversant with vat rules in the nation or countries in which the vat amounts have originally been paid.
There is also a time frame of nine months after the end of any calendar year within which you would need to file for a vat claim in UK even though time limit will vary in other European countries. You’ll need to be careful while filling out your vat claim since 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 will help lower your vat burden provided you meet all the criteria applicable in your own country as well as 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