If you are a vat registered dealer or manufacturer in the UK or other EU country then you definately should make sure to satisfy all conditions while claiming vat back. Your claim will help offset any expenses directly related to your business or help reduce 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 which has been implemented in several countries around the world including the European Union. It assists to avoid double taxation on products and if you’re http://checkvatnumber.com a vat registered trader in the EU with an official vat number you’ll be able to surely reclaim any VAT which has already been paid while importing goods imported to your own country. However, you need 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 is amply trained with all the latest amendments in vat tax, vat rates, and also knows the correct vat refund procedures that must be followed while trying to get a vat refund. There are numerous factors that may qualify you to get 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 house or business in the country, are not vat registered in the 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 can reclaim vat on import vat if there’s been vat paid overseas by utilizing vat online services to register yourself first. If you’re in the UK then when you register with hmrc vat online services you will then 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’ll also need to be conversant with vat rules in the country or countries in which the actual vat amounts have originally been paid.
There’s also a time limit of nine months following end of any twelve months within that you will have to file for a vat claim in UK although the time limit will vary in other Countries in Europe. You’ll need to be careful while completing your vat claim as most EU countries do a lot 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 can help lower your vat burden provided you meet all the required criteria applicable in your own country as well as the country where you might 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.