If you’re a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you should make sure 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 really a system of collecting taxes that has been implemented in many countries around the world including the EU. It helps 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 check vat number reclaim any VAT that has recently 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 in your own country before you reclaim vat successfully from the country of origin.
If you’re not conversant with vat rules imposed throughout your home country you then should hire a vat consultant or tax consultant that’s amply trained with the latest amendments in vat tax, vat rates, and in addition knows the appropriate vat refund procedures that must be followed while applying for a vat refund. There are numerous factors that may qualify you for a vat reclaim. In case you have imported goods or services from another EU country where vat has been paid you’ll be able to reclaim that vat amount provided you do not own a house or business in the country, aren’t vat registered in the country, and don’t supply to this country. However, you need to fully comprehend each rule in great detail before claiming vat back as there are other sub-sections in each rule that should be fulfilled too.
You can reclaim vat on import vat if there has been vat paid overseas by using vat online services to register yourself first. If you’re in the United Kingdom then once you register with hmrc vat online services then you will be in a position to post your request for your vat reclaim either directly or through 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 where the vat amounts have originally been paid.
There’s also a time limit of nine months following end of the twelve months within that you would need to file for a vat claim in UK although the time limit will vary in other Countries in Europe. You will also need to be careful while completing your vat claim since most EU countries do much more than frown on incorrect or fraudulent claims. You could be penalized for a wrong claim or might also be denied any refunds.
A vat claim can help lower your vat burden provided you meet all the 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.