If you’re a vat registered dealer or manufacturer in the UK 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 help reduce costs on products imported from another country in which 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 helps to avoid double taxation on products and if you’re a vat registered trader within the EU with an official vat number you’ll be able to vatcheck.com/vat surely reclaim any VAT which has already been 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 in the country of origin.
If you are not conversant with vat rules imposed throughout your home country then you should hire a vat consultant or tax consultant that’s amply trained with 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 numerous factors that may qualify you to get a vat reclaim. If you have imported goods or services from another EU country where vat has already been paid then you can 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 that 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 can 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 United Kingdom then when you register with hmrc vat online services then you will be able to post your obtain your vat reclaim either directly or through your vat agent. You 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 in which the actual vat amounts have originally been paid.
There’s also a time limit of nine months following end of any twelve months within that you will have to apply for a vat claim in UK even though time limit will change in other European countries. You’ll need 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 lower 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.