If you’re a vat registered dealer or manufacturer in the UK or other EU country then you definately must ensure to satisfy all conditions while claiming vat back. Your claim may help offset any expenses proportional 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 a system of collecting taxes which has been implemented in many countries all over the world including the European Union. It assists to avoid double taxation on products and if you are a vat registered trader in the EU with an official vat number then you can surely checkvatnumber.com reclaim any VAT that has recently 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 throughout your home country before you reclaim vat successfully from the country of origin.
If you are 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 correct vat refund procedures to be followed while trying to get a vat refund. There are numerous factors that can qualify you to get a vat reclaim. In case you have imported goods or services from another EU country where vat has already been paid then you can reclaim that vat amount provided you do not own a house or business in the country, are not vat registered in that country, and don’t supply to this 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 in another country by using vat online services to sign up yourself first. If you are in the UK then once 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 using your vat agent. You need to send all related documents as proof for claiming vat back and you will also have to be conversant with vat rules in the country or countries where the actual vat amounts have originally been paid.
There is also a time frame of nine months following end of the twelve months within that you will have to file for a vat claim in UK although the time limit will vary in other European countries. 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 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 in your own country and also the country in which 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.