If you are a vat registered dealer or manufacturer in the UK or any other EU country then you must ensure to satisfy all conditions while claiming vat back. Your claim will help offset any expenses proportional to your business or lessen costs on products imported from another country where you have already paid VAT.
VAT or value added tax is really a system of collecting taxes which has been implemented in several countries all over the world including the European Union. It helps to avoid double taxation on products and if you are a vat registered trader within the EU with an official vat number then you can surely reclaim any VAT that has recently been checkvatnumber.com paid while importing goods imported into 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 from the country of origin.
If you are not conversant with vat rules imposed in your own 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 correct vat refund procedures that must be followed while trying to get a vat refund. There are numerous factors that may qualify you for a vat reclaim. If you have imported services or goods from another EU country where vat has been paid you’ll be able to 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 that country. However, it is advisable to fully comprehend each rule in great detail before claiming vat back as 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 register yourself first. If you are in the United Kingdom then when 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 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 nation 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 even though time period will change in other Countries in Europe. You’ll have to be careful while filling out your vat claim since most EU countries do a lot more than frown on incorrect or fraudulent claims. You may be penalized for a 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 as well as the country where 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.