If you’re a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you must ensure to fulfill 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 previously paid VAT.
VAT or value added tax is a system of collecting taxes which has been implemented in several countries around the world including the European Union. It assists to avoid double taxation on products and if you’re vatregistrationnumber.com a vat registered trader within the EU having a official vat number you’ll be able to surely reclaim any VAT that has recently been paid while importing goods imported to 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 reclaim vat successfully from the country of origin.
If you are not conversant with vat rules imposed throughout your home country you then should hire a vat consultant or tax consultant that’s amply trained with all the latest amendments in vat tax, vat rates, and also knows the correct vat refund procedures to be followed while applying for a vat refund. There are numerous factors that may qualify you to get 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 as there are other sub-sections in each rule that should be fulfilled too.
You’ll be able to reclaim vat on import vat if there has been vat paid in another country by utilizing vat online services to sign up yourself first. If you are in the United Kingdom then when you register with hmrc vat online services you will then 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 will also need to be conversant with vat rules in the country or countries in which the vat amounts have originally been paid.
There’s also a time frame of nine months after the end of any calendar year within which you will have to file for a vat claim in UK although the time period will change in other Countries in Europe. You will also 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 could be penalized for any wrong claim or might also be denied any refunds.
A vat claim can help lower your vat burden provided you meet all the 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.