If you are a vat registered dealer or manufacturer in the UK or other EU country then you must ensure to fulfill all conditions while claiming vat back. Your claim will help offset any expenses proportional to the business or help reduce costs on products imported from another country in which you have already paid VAT search vat number.
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 are a vat registered trader in the EU having a official vat number then you can surely claim back any VAT which has already been paid while importing goods imported into your own country. However, you need to fulfill all terms and conditions 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’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 all the latest amendments in vat tax, vat rates, and in addition knows the appropriate vat refund procedures that must be followed while applying for a vat refund. There are several factors that can qualify you for a vat reclaim. If you have imported services or goods from another EU country where vat has already been paid you’ll be able to reclaim that vat amount provided you do not own a home or business in the country, are not vat registered in that country, and do not supply to this 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 should be fulfilled too.
You can 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’re in the United Kingdom 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 have to be conversant with vat rules in the country or countries where the actual vat amounts have originally been paid.
There’s also a time limit of nine months after the end of the calendar year within that you would need to file for a vat claim in UK even though time period will change in other European countries. You’ll 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 may be penalized for any wrong claim or may also be denied any refunds vat number.
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 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.