If you’re a vat registered dealer or manufacturer in the UK or any other EU country then you definately must ensure to fulfill all conditions while claiming vat back Vatcontrol.com. Your claim will help offset any expenses directly related 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 which has been implemented in many countries all over the world including the European Union. It assists to avoid double taxation on products and if you’re a vat registered trader in the EU with an official vat number then you can surely claim back any VAT that has recently been paid while importing goods imported into your own country. However, you have to fulfill all conditions and terms imposed by the customs and excise customs vat department throughout your home country before you can reclaim vat successfully in 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 well versed with all the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures to be followed while trying to get 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 then you can reclaim that vat amount provided you don’t own a house or business in the country, aren’t vat registered in that 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’ll be able to reclaim vat on import vat if there’s been vat paid overseas 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 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 have to be conversant with vat rules in the nation or countries where the actual vat amounts have originally been paid.
There is also a time frame of nine months after the end of the twelve months within which you would need to file for a vat claim in UK even though time period will change in other Countries in Europe. You will also need to be careful while completing your vat claim since most EU countries do much more than frown on incorrect or fraudulent claims. You may 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 required criteria applicable throughout your home 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.