If you’re a vat registered dealer or manufacturer in the United Kingdom or other EU country then you definately should make sure to satisfy all conditions while claiming vat back. Your claim may help offset any expenses directly related to your business or lessen costs on products imported from another country vatcheck.com 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 around the world including the European Union. It helps in avoiding double taxation on products and if you are a vat registered trader in the EU with an official vat number you’ll be able to surely reclaim any VAT which has already been paid while importing goods imported into 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’re not conversant with vat rules imposed throughout your home country then you should hire a vat consultant or tax consultant that’s well versed with all the latest amendments in vat tax, vat rates, and also knows the appropriate 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 been paid you’ll be able to reclaim that vat amount provided you do not own a house or business in the country, aren’t vat registered in the country, and don’t 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 need to be fulfilled too.
You can reclaim vat on import vat if there has been vat paid overseas by utilizing vat online services to register yourself first. If you are in the UK then when you register with hmrc vat online services then you will be in a position to post your request for your vat reclaim either directly or using 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 country or countries in which the actual vat amounts have originally been paid.
There is also a time frame of nine months following end of any twelve months within which you will have to apply for a vat claim in UK although the time limit will change in other Countries in Europe. You’ll 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 any wrong claim or might also be denied any refunds.
A vat claim will help reduce your vat burden provided you meet all the criteria applicable in your own 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.