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 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 a system of collecting taxes that has been implemented in several countries all over the world including the EU. It assists to avoid double taxation on products and if you are vatregistrationnumber.com a vat registered trader within the EU with an official vat number then you can surely claim back any VAT which has already been paid while importing goods imported to 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 in 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 amply trained with all 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 several factors that can qualify you for 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 the country, aren’t vat registered in the country, and do not supply to this country. However, you need to fully comprehend each rule in great detail before claiming vat back since 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 utilizing vat online services to sign up yourself first. If you are in the United Kingdom then once you register with hmrc vat online services then you will be in a position to post your obtain 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 actual vat amounts have originally been paid.
There’s also a time frame of nine months after the end of the calendar year within which you will have to file for a vat claim in UK even though time limit will vary in other Countries in Europe. You will also need to be careful while filling out your vat claim since most EU countries do much 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 reduce your vat burden provided you meet all the required criteria applicable in your own country and also the country in which 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.