If you’re a vat registered dealer or manufacturer in the UK 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 directly related to the business or help reduce costs on products imported from another country where you have previously paid VAT.
VAT or value added tax is really a system of collecting taxes which has been implemented in many countries around the world including the European Union. It helps in avoiding double taxation on products and if you are a vat registered trader within the EU with an official vat number then you can www.vatcheck.com/vat surely claim back any VAT that has already 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 throughout your home country before you reclaim vat successfully from the country of origin.
If you are not conversant with vat rules imposed throughout your home country you then should hire a vat consultant or tax consultant that is amply trained with the latest amendments in vat tax, vat rates, and also knows the appropriate vat refund procedures to 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 don’t own a home or business in that country, aren’t vat registered in the country, and don’t supply to that 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 need to 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 you will then be in a position to post your obtain 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’ll also need 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 frame of nine months following end of the twelve months within which you would need to apply for a vat claim in UK even though time period will vary in other European countries. You’ll have 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 a 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 throughout your home country as well as the country where 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.