If you are a vat registered dealer or manufacturer in the United Kingdom or other EU country then you must ensure to satisfy all conditions while claiming vat back. Your claim may help offset any expenses proportional to your business or help reduce costs on products imported from another country http://vatcheck.com where you have previously 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 to avoid double taxation on products and if you’re a vat registered trader within the EU having a official vat number you’ll be able to surely claim back any VAT which has recently been paid while importing goods imported into your own country. However, you need to fulfill all conditions and terms imposed by the customs and excise customs vat department in your own country before you can reclaim vat successfully from the country of origin.
If you’re not conversant with vat rules imposed in your own 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 that must 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 been paid then you can reclaim that vat amount provided you do not 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 need to be fulfilled too.
You can reclaim vat on import vat if there’s been vat paid in another country by using vat online services to sign up yourself first. If you’re in the United Kingdom then once 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 need to send all related documents as proof for claiming vat back and you will also have to be conversant with vat rules in the nation or countries where the vat amounts have originally been paid.
There’s also a time frame of nine months after the end of the calendar year within that you would need to apply for a vat claim in UK although the time limit will vary in other Countries in Europe. You’ll need to be careful while completing your vat claim as most EU countries do a lot 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 criteria applicable throughout your home country and also the country where you might 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.