If you’re a vat registered dealer or manufacturer in the UK or other EU country then you must ensure to satisfy all conditions while claiming vat back. Your claim will help offset any expenses proportional to the business or lessen 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 many countries all over the world including the European Union. It assists to avoid double taxation on products and if you’re a vat registered trader within the EU with an official vat number you’ll be able to surely checkvatnumber.com claim back any VAT which has already been paid while importing goods imported to 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 in the country of origin.
If you’re not conversant with vat rules imposed in your own country you then should hire a vat consultant or tax consultant that is well versed with the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures that must be followed while trying to get a vat refund. There are several factors that may qualify you for a vat reclaim. In case you have imported services or goods from another EU country where vat has been paid then you can reclaim that vat amount provided you do not own a home or business in that country, aren’t 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 since there are other sub-sections in each rule that need to be fulfilled too.
You can reclaim vat on import vat if there’s been vat paid overseas by utilizing 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 able to post your obtain 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 will 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 limit of nine months after the end of the twelve months within that you will have to apply for a vat claim in UK even though time period will change in other European countries. You will also have 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 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 in which 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.