If you are a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you should make sure to satisfy all conditions while claiming vat back. Your claim may help offset any expenses directly related to the business or lessen costs on products imported from another country in which you have already paid VAT.
VAT or value added tax is a system of collecting taxes that has been implemented in several countries around the world including the EU. It assists to avoid double taxation on products and if you’re a vat registered trader within the EU having a official vat number you’ll be able to surely https://checkvatnumber.com claim back any VAT which has recently been paid while importing goods imported into 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 can 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 that must 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 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 that country, are not vat registered in the country, and don’t 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’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 then you will be able to post your request for 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 will also need to be conversant with vat rules in the nation or countries in which the actual vat amounts have originally been paid.
There’s also a time limit of nine months following end of the twelve months within which 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 completing your vat claim since most EU countries do much more than frown on incorrect or fraudulent claims. You could be penalized for a 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 in which 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.