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 Http://www.vatcontrol.com. Your claim will help offset any expenses directly related to the business or lessen costs on products imported from another country where you have previously paid VAT.
VAT or value added tax is a system of collecting taxes that has been implemented in several countries all over the world including the European Union. It helps to avoid double taxation on products and if you’re a vat registered trader in the EU having a official vat number then you can surely claim back any VAT that has already been paid while importing goods imported into your own country. However, you have 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 from the country of origin.
If you are not conversant with vat rules imposed throughout your home country then you should hire a vat consultant or tax consultant that is well versed with the latest amendments in vat tax, vat rates, and also knows the correct vat refund procedures to be followed while applying for a vat refund. There are several factors that may 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 don’t own a home or business in that country, are not vat registered in that 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 should be fulfilled too.
You’ll be able to reclaim vat on import vat if there’s been vat paid in another country 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 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 need to be conversant with vat rules in the country or countries where the vat amounts have originally been paid.
There is also a time limit of nine months following end of the twelve months within which you will have to file 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 any 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 and also 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.