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 will help offset any expenses directly related to your business or help reduce 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 that 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 are vatregistrationnumber.com a vat registered trader within the EU having a official vat number you’ll be able to surely reclaim any VAT which has recently 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 in 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 amply trained with 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 several factors that can qualify you for a vat reclaim. In case 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 house or business in that country, aren’t vat registered in that country, and don’t 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 need to be fulfilled too.
You can reclaim vat on import vat if there’s been vat paid overseas by using vat online services to register yourself first. If you are in the United Kingdom then once you register with hmrc vat online services you will then be in a position to post your obtain your vat reclaim either directly or through your vat agent. You will need to send all related documents as proof for claiming vat back and you’ll also need to be conversant with vat rules in the nation or countries in which the vat amounts have originally been paid.
There is also a time limit of nine months after the end of any twelve months within which you would need to apply for a vat claim in UK although the time limit will change in other European countries. You’ll have to be careful while completing your vat claim since 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.
A vat claim will help reduce your vat burden provided you meet all the criteria applicable throughout your home country and also the country in which 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.