If you’re 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 your business or lessen costs on products imported from another country where you have already paid VAT.
VAT or value added tax is really a system of collecting taxes that has been implemented in many countries all over the world including the EU. It assists to avoid double taxation on products and if you are a vat registered trader in the EU having a official vat number you’ll be able to surely reclaim any VAT that has recently been paid while importing goods imported checkvatnumber into your own country. However, you have to fulfill all conditions and terms 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’re not conversant with vat rules imposed in your own 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 also knows the appropriate vat refund procedures to be followed while trying to get a vat refund. There are numerous factors that can qualify you for a vat reclaim. In case you have imported goods or services from another EU country where vat has been paid then you can reclaim that vat amount provided you don’t own a house or business in the country, aren’t vat registered in that country, and do not supply to that country. However, it is advisable to fully comprehend each rule in great detail before claiming vat back as there are other sub-sections in each rule that need to be fulfilled too.
You’ll be able to reclaim vat on import vat if there’s been vat paid overseas by using vat online services to register yourself first. If you are in the UK then when you register with hmrc vat online services you will then be in a position to post your request for 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 nation or countries where the actual vat amounts have originally been paid.
There is also a time limit of nine months following end of the twelve months within which you would need to apply for a vat claim in UK although the time period will vary in other Countries in Europe. You’ll 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 could be penalized for any wrong claim or might also be denied any refunds.
A vat claim will help reduce your vat burden provided you meet all the criteria applicable in your own 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.