If you are a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you definately must ensure to fulfill 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 already paid VAT.
VAT or value added tax is really a system of collecting taxes which has been implemented in several countries all over the world including the EU. It assists in avoiding 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 claim back any VAT that has already been checkvatnumber 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 can reclaim vat successfully in 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 amply trained with all the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures to be followed while applying for a vat refund. There are numerous factors that can qualify you for a vat reclaim. If you have imported services or goods from another EU country where vat has already 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 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 should be fulfilled too.
You can reclaim vat on import vat if there has 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’ll also need to be conversant with vat rules in the country or countries in which the vat amounts have originally been paid.
There is 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 even though time period will vary in other Countries in Europe. You will also need 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 a wrong claim or may also be denied any refunds.
A vat claim will help reduce your vat burden provided you meet all the required criteria applicable throughout your home country as well as the country where 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.