If you’re a vat registered dealer or manufacturer in the UK or any other EU country then you should make sure to fulfill all conditions while claiming vat back. Your claim may help offset any expenses proportional to your 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 European Union. It helps to avoid double taxation on products and if you’re a vat registered trader in the EU having a official vat number then you can surely claim back any VAT which has recently been paid while importing goods imported www.checkvatnumber.com to 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 reclaim vat successfully from the country of origin.
If you are not conversant with vat rules imposed in your own country you then should hire a vat consultant or tax consultant that is well versed with the latest amendments in vat tax, vat rates, and also knows the appropriate vat refund procedures to be followed while applying for a vat refund. There are numerous factors that can qualify you to get 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 don’t own a house or business in that country, aren’t 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 in another country by utilizing vat online services to register yourself first. If you’re in the UK then when you register with hmrc vat online services then you will be able to post your request for your vat reclaim either directly or using 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 vat amounts have originally been paid.
There’s also a time frame of nine months following end of the twelve months within which you will have to file for a vat claim in UK although the time limit will vary in other European countries. You’ll have to be careful while filling out 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 may also be denied any refunds.
A vat claim will help lower your vat burden provided you meet all the criteria applicable in your own country as well as the country where you may 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.