If you’re a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you definately should make sure to satisfy all conditions while claiming vat back. Your claim may help offset any expenses proportional 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 assists in avoiding double taxation on products and if you are a vat registered trader within the EU with an official vat number you’ll be able to surely checkvatnumber.com reclaim 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 in your own 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’s well versed with the latest amendments in vat tax, vat rates, and in addition knows the appropriate vat refund procedures to be followed while trying to get a vat refund. There are several 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 do not 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’ll be able to reclaim vat on import vat if there has been vat paid overseas by using vat online services to sign up yourself first. If you’re in the UK then once you register with hmrc vat online services you will then be in a position 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’ll also need to be conversant with vat rules in the nation or countries in which the actual vat amounts have originally been paid.
There is also a time limit of nine months following end of the calendar year within that you would need to file for a vat claim in UK even though time period will vary in other Countries in Europe. You will also have to be careful while filling out 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 might also be denied any refunds.
A vat claim can help reduce your vat burden provided you meet all the required criteria applicable in your own country as well as the country in which 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.